HILLSBORO (March 7, 2013)--The City of Hillsboro is accepting bids for a 4.792 tract of land that once was home to Walmart.
The land for sale is at 1320 Corsicana Highway.
“The property contains 4.792 acres, more or less, together with all improvements and fixtures of any kind thereon, including, but not limited to, a retail building of approximately forty-three thousand, seven hundred and seventy-one (43,771) square feet, together with all easements and rights appurtenant thereto,” the city’s website states.
The property is subject to a 50-year covenant that it will not be used as a discount department store, similar discount store, a grocery or pharmacy or wholesale membership or warehouse club in excess of 10,000 square feet.
The city will provide a special warranty deed, title insurance and an up-to-date survey of the property.
The minimum bid starts at $930,000 and proceeds from the sale will be put back into the hotel/motel occupancy fund from which was used to purchase the land from the Wal-Mart Real Estate Trust in 1998, a city spokesperson said.
The city council later determined not to use the building.
Bids must be accepted by April 2 at 10:30 a.m.
Bids can be submitted to the Community Development Department, located in the City Administration Building at 214 East Elm Street.
For more information, visit the city’s website.