Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, September 6, 1995 TAG: 9509060129
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: TODD JACKSON STAFF WRITER
DATELINE: LENGTH: Medium
A deadline for bids on sale of the property, considered excess by the utility, passed Friday without what the company considered to be an acceptable offer.
Apco spokesman Don Johnson said the bids did not meet the requirements set forth when the sale was announced in June - including a bid minimum of $4.1 million, the appraised value of the land. None of the bids - the exact number wasn't disclosed - reached the minimum dollar figure, Johnson said.
Apco now will pursue a different sales tactic, Johnson said. He declined to give details and said no deadline for a sale has been set.
"We still plan to sell the land," he said.
The tract, which includes about four miles of shore, is off Virginia 942 in Franklin County, directly across the water from Smith Mountain Lake State Park. It is adjacent to a 37-acre peninsula owned by the state and being developed into a park by Franklin County.
In addition to the minimum bid, potential buyers had to agree to provide a permanent easement for access to the park and to provide plans showing that proposed development was compatible with the lake's aesthetic values.
Johnson said Apco no longer is accepting bids on the property, but anyone interested in making an offer can call the company's land management office at 985-2821.
Apco, which built the lake in the early 1960s as part of its hydroelectric generating facility there, has an agreement with the State Corporation Commission to sell land it is not using.
Including the 138 acres, the utility owns more than 2,000 acres on the lake's 500 miles of shore. The last time it sold land at the lake was seven years ago.
by CNB