Built in 1915, the Belford Apartments were one of the only buildings left standing after the Paris fire in 1916 but come April 2nd they will go up for auction.
The building, located at 260 S. Main Street in downtown Paris, will open with a starting bid of $50,000 at the sheriff’s sale at the Lamar County Courthouse.
County records show the property is owned by a company called Boomer Trends Magazine Inc. who accumulated over $2 million in penalties from $1,100 a day fines after the city ordered them to tear it down in 2012 due to it being structurally unsound.
However, last night the City Council voted to forgive the penalties upon certain conditions aimed at restoring and rehabilitating the building.
Upon the sale of the property, the $2 million in penalties will remain forgiven as long as the purchaser either demolishes the building or cleans up the lot it currently stands on within 18 months. Within six months, the purchaser will be required to clean up the property of all rubbish, debris, trash, and overgrown vegetation.
Furthermore, the city will grant the purchaser a one-time incentive of $50,000 (should they choose to restore the building) once a certificate of occupancy has been issued within five years of the purchase of the building.
According to court documents, both the demolition or the rehabilitation of the Belford Apartments will require a substantial expenditure of funds ranging from several hundred thousand dollars to several million dollars.
