HOXIE, AR (KAIT) - The Hoxie City Council met Tuesday night to decide on the future of a foreclosed Save-A-Lot store.
Court documents state Larry Wayne Black and Gwendolyn Black entered into a loan agreement with the City of Hoxie in 2008.
The city loaned $745,000 to the Black family to open a grocery store.
The family agreed to begin making monthly payments of $3,100 in 2009, ending in 2028.
They weren't able to keep up the payments and later foreclosed on the property.
Court documents state the family owes the city over $560,000.
When the Hoxie Jobs Stimulus Committee met Tuesday afternoon they reviewed an offer on the property.
According to documents obtained at that meeting, Ken Hutchins made a $350,000 cash offer on the building.
Wanda Black, a realtor at the Black and Fowler Agency, said Mr. Hutchins plans to put another grocery store at the location if approved by the city council.
The jobs committee did not accept the proposal.
“Do I think we can get $566,000 from that foreclosure sale? No,” a committee member said . “I think we can do better than this proposal.”
Hoxie Mayor Lanny Tinker said the group should keep their options open.
“This is only 1 proposal,” Tinker said. “There may be more out there, there may not be.”
The city council can decide to accept Hutchins offer or approve a foreclosure sale at the Lawrence County Courthouse.
A hearing for a motion to dismiss a counterclaim and motion for summary judgment is set for Monday.