MEMPHIS, Mo.-  Scotland County appears to be well on the path to purchasing a new building.  As documented in the minutes of the April 3^rd meeting of the Scotland County Commission, Eastern District Commissioner Brent Rockhold moved and Western District Commissioner David Wiggins seconded a motion “to enter into a contract to purchase the building and property at 231 South Market Street in Memphis”.  This is the former US Bank branch location.  Commissioners Rockhold and Wiggins, along with Presiding Commissioner Duane Ebeling, all voted in favor of the motion.  KMEM News has reviewed the contract document which was signed by Presiding Commissioner Ebeling on behalf of Scotland County.

The contract is an option agreement that became effective on Tuesday, April 15^th.  The agreement requires the payment of $6360 in non-refundable earnest money which is considered as a down payment on the final purchase price of $250,000 if the option is legally executed.  That payment goes into an escrow account.  The earnest money was to be paid within 5 days of the April 15^th effective date, which would have been April 21^st (the 20^th is a Sunday, so the date pushes forward to the next regular business day).  County officials confirm that that payment was made on Friday, April 18^th.  The county has the option to close the purchase by a deadline of 5 pm on Tuesday, June 24^th.  If the option is not exercised by the county, the full amount of the earnest money would be paid from the escrow account to the seller, US Bank National Association.

The agreement further states that a preliminary notice of intent to exercise the option may be provided by May 15^th.  That notice would specify a closing date that can be no less than 10 days after the notice is given and no later than the option’s expiration date of June 24^th.  The agreement then further states that closing can not be “before May 23,2025”.  The closing process would include the wire transfer of “immediately available funds” to fulfill the final purchase price and closing costs.

The documents reviewed by KMEM News were requested at the end of the business day on Monday, April 21^st.  The county was not responsive to the request until Thursday afternoon, April 24^th.  Since the county commissioners meet on Wednesday and Thursday mornings, KMEM News did not have an opportunity to address questions regarding this action to the commission.  Due to the timing, we have submitted those questions electronically to the commission and when that response is received, we will share those on our media platforms.