Lennox City Council talks sale of Pathways property

January 3, 2019

The Lennox Housing Authority holds several properties on the east side of town, including a HUD subsidized housing complex and the Pathways housing complex. Adjacent to both of these properties are two vacant lots. The city is a co-signer on the mortgage for the Pathways complex. For the past two years, Lennox Housing Authority has requested payments on the loan from the City of Lennox that amounts to just over $11,000. The co-signing of this loan also results in an additional $350,000 applied to the City’s debt limit. 

 

Mayor Tracy West said that there has been an offer made for the Pathways Property and the vacant lots. West said it was a good opportunity for the City.

 

The offer is likely a fair market value offer, however, acceptance of the offer would leave the Housing Authority short approximately $100,000 on paying off the note.

 

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