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The Bald Head Island Transportation Authority is working to acquire the island’s multi-million dollar, privately-owned ferry system. (Port City Daily photo/Johanna Ferebee)
BALD HEAD ISLAND –– After heightened public scrutiny over a market value appraisal that grew infamous in the fallout between the Village of Bald Head Island and its transportation partners, a second, new appraisal report is now complete.
The new report of the island ferry assets came close to the original, a 7% total difference in appraised land value, about $2.9 million less. Deep Point Marina, located within Southport city limits, was appraised at $33 million, about $3.3 million less than the first appraisal.
Playing out the clock : Bald Head village formally initiates bond process to purchase ferry system portcitydaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from portcitydaily.com Daily Mail and Mail on Sunday newspapers.
The $59 million sale of the Bald Head Island ferry system was set back once again this week amid lingering concerns over the deal s price tag and transparency.
In 2017, the N.C. Legislature created the Bald Head Island Transportation Authority, a public body representing Bald Head Island, Brunswick County and the City of Southport, with a goal to acquire the ferry system s privately held assets from Bald Head Island Limited LLC.
After years of negotiations, in December the authority and ferry CEO Chad Paul agreed to sell the assets including the Deep Port Marina in Southport, Bald Head Island Terminal, parking developments, and a ferry, tram, and barge for just under $48 million.
As seen from an approaching Bald Head Island ferry, Deep Point Marina in Southport is a vital asset in Bald Head Island Limited’s ferry operations. (Port City Daily photo/Mark Darrough)
BRUNSWICK COUNTY Last week, the Brunswick County Board of Commissioners and Southport Board of Aldermen each unanimously passed resolutions supporting a state-created entity, mandated by the legislature to purchase Bald Head Island’s private ferry system.
The county and city’s sign of solidarity with Bald Head Island Transportation Authority (BHITA) is a direct response to the Village of Bald Head Island’s public (yet unofficial) offer to purchase the system for itself.