Farmville Farms set to purchase Mottley Lake
Why is Farmville selling Mottley Lake?
The Town of Farmville doesn’t need the property surrounding Mottley Lake in Prospect, but it does need the water in it.
“We don’t need the property itself,” said Town Manager Gerald Spates. He said that in the proposed sale of the lake, the town would retain rights to the water.
The Farmville Town Council is set to hold a public hearing on Monday at noon to hear public comment on the sale of the lake and property for $1.25 million.
Spates said Farmville Farms LLC is set to purchase the lake and property.
Originally, the property was purchased to be utilized as a source for emergency backup water. One hundred and forty seven acres is included with the property.
According to the State Corporation Commission, Farmville Farms, LLC has a principal office of 7113 Three Chopt Road in Richmond. Russell Berry Harper is the registered agent of the corporation. The articles of incorporation were filed in December with the state.
“We don’t need it,” Spates said, referring to the land included with the lake.
Terms of the sale would include $300,000 down due at closing with zero percent interest during the first five years. Payments would be $95,000 during the first five years and $95,000 for the remaining five, plus interest, according to the town.
A deed of trust will be held with the financing, and a specific due date for annual installments will be established.
Spates said the buyer wants to close as soon as possible.
“We feel like there’s quite a few people who would understand the importance of that, that the town needs to retain the authority and ability to release that water into the Appomattox River in a drought scenario,” Council Member and Finance Committee Chair J.J. “Jamie” Davis said during a May town council discussion on the sale of the property.
The town purchased the property and lake for $1.67 million.
In May, Spates told The Herald that the land’s value had decreased since the town took ownership because rental trailers had been removed and Luck Stone was planning to operate a quarry on adjacent property.
In addition to the lake, the property’s acreage includes one house, one cabin and seventeen mobile home hook-ups, with water, sewer and electricity for each, along with various out buildings and a maintenance shop.