Doko Depot sale nets $163,874

Doko Depot

BLYTHEWOOD – During Council’s final budget workshop on May 23, Town Administrator Brian Cook reviewed the new estimate of the final net profit from the sale of the Doko Depot shell building – $163,874. That’s about $23,723 less than the $187,597 net profit council members anticipated when they initially sold the building in 2017.

Since that time, the sale was held up for myriad reasons including the discovery last year that title restrictions on two slivers of land in the Doko Depot property had not been disclosed to the Town in prior financing efforts with Santee-Cooper.

Financial settlements with the prior land owners along with attorney fees and other expenses added to the cost of the sale. Mayor J. Michael has said, however, that the Town expects to recoup those expenses associated with the deed hitch.

Council built the Depot shell with a $453,881 grant from Fairfield Electric Cooperative.

“It’s still a big pot of money that we can move forward with and use for other projects,” Cook said about the $163,874.

The net profit from the Depot will not be included in the current budget, Ross said, since the sale has not yet closed.

“We don’t know exactly when that will happen,” Ross said. But he said he expects it to close before the end of the summer.

The building is being purchased by Don Russo, who owns Freeway Music. Russo will be sharing the space with an expansion of a Lexington restaurant, the Old Mill Pub, which is owned by John Clinger