Town to Buy 20 Acres in Central Hillsborough, Including HYAA Ball Fields

7/3/08 — The Town of Hillsborough has signed an offer to purchase about 20 acres of land in the middle of town at a cost of $30,000 per acre, $600,000 total.

The property, north of Daniel Boone Village, includes the ball fields used by Hillsborough Youth Athletic Association. The town would continue to lease the fields, which comprise about 5 acres of the land, to HYAA.

“This is a great investment for our town’s future,” Hillsborough Mayor Tom Stevens said. “It is a financially wise move. It gives our community a greater say in how this key area in the center of Hillsborough is developed.”

The land — located at the northern tip of what often is referred to as the “Collins property” — was included in the Daniel Boone redevelopment plan that was proposed and withdrawn by American Asset Corp. last year.

The property has the potential to serve as a future rail and/or transit stop and as a connector between the downtown and Southern Hillsborough. Officials with the N.C. Department of Transportation and Amtrak have confirmed that a rail stop in Hillsborough likely would be financially viable and have provided information regarding the next steps needed for the town to obtain rail service.

Because of the limited availability of land in Hillsborough and the limited window of opportunity for purchasing the property before it was lost to development, the Town Board unanimously agreed to buy the 20 acres.

As the town continues to grow, Hillsborough will need additional fire and police stations, meeting facilities and other municipal operations. Banking the land to be used or exchanged for future needs would increase the options available to the town for providing effective services.

Purchase of the land — approximately $600,000 — would be funded through a 15-year-installment finance agreement, with debt service payments of about $58,000 per year. The purchase is included in the Fiscal Year 2009 budget.

The public may comment on the proposed financing agreement during a public hearing at the July 14 Town Board meeting. Finance Director Greg Siler will seek requests for proposals from banks and lending institutions to provide financing for the land acquisition.  

The town has a 60-day inspection period, ending in late August, which allows time to conduct a Phase I Environmental Survey; have the property surveyed to determine the exact dimensions and size of the lot; obtain a property appraisal and title examination; and secure approval from the Local Government Commission on the town’s request for financing the project. If all matters are addressed successfully during the inspection period, then the Hillsborough Town Board can vote formally on approval and proceed with the purchase of the land, with a closing scheduled for late September.

The town currently has no specific plans for the property, other than continuing to lease the ball fields to HYAA.

“Acquiring the Collins property preserves the availability of these fields for youth athletic programs,” Hillsborough Town Manager Eric Peterson said. “The town intends to continue the tradition started by the Collins family and their heirs of leasing this property to HYAA so hundreds of children can continue using the fields each year.”

The property is accessed by Orange Grove Street. Its northern border is the N.C. Railroad line, which passes east/west under Churton Street. Its western border is adjacent to properties along Churton Street, such as Cardinal State Bank and CBS Car Sales.