A real estate firm will soon begin seeking potential buyers for the Hotel Aiken and four other properties downtown.
Aiken City Council voted 6-0 Monday evening to approve an agreement with Colliers International to market Hotel Aiken, the Holley House/Motor Court, the Taj Aiken building, the C.C. Johnson building and the Warneke Cleaners building to potential buyers.
Colliers International is an international, publicly-traded investment management firm.
The firm will look for potential buyers that want to restore or reuse the buildings except the Holley House/Motor Court which was built in 1981, City Manager Stuart Bedenbaugh said .
Colliers intends to solicit bids rather than list the buildings, Assistant City Manager Mary Tilton said Monday evening.
Bedenbaugh recused himself from the discussion of the agreement.
A distant relative, Michael Bedenbaugh, is a member of another firm that bid to provide marketing services, Bedenbaugh said earlier this year.
The contract between the city and Colliers is for one year with a mutual option for a one-year extension.
Colliers would receive 4% — $160,000 — of the first $4 million the buildings sell for, according to the information provided to the council ahead of the meeting.
If the buildings sell for more, Colliers would receive an additional percentage of the sales price according to the contract.
Tilton said the firm will begin looking for buyers after a due diligence period.
Curt Hanna asked about the length of the due diligence period during public comment.
Tilton said she did not know how long the time period would be. She said Colliers wants to "hit the ground running."
Councilwoman Andrea Gregory asked for an update on the length of the due diligence period within the next 30 days.
Bedenbaugh agreed to her request.
Councilwoman Lessie Price made the motion to approve the agreement. Councilwoman Kay Brohl seconded her motion.
Councilman Ed Woltz did not attend the meeting.
The city council voted unanimously March 11 to accept the recommendation of city staff to select Colliers to market the buildings.
The city acquired the properties when the city council voted to dissolve the Aiken Municipal Development Commission last year. The Aiken Municipal Development Commission purchased the properties Nov. 9, 2021 for the since-failed Project Pascalis.
The council also voted to approve the second and final reading of an ordinance adding $2.4 million the city received from Aiken County when it purchased the former Municipal Building to the city's budget.
The council voted to approve the first reading of an ordinance amending an easement agreement with H and W Partnership.
The council voted to approve resolutions:
• Approving an amendment to an agreement with the McLean family regarding the planned Powderhouse Connector; and
• Allocating unused Capital Project Sales Tax IV funds for public safety equipment.
