NOTICE OF PROPERTY FOR SALE
NOTICE OF PROPERTY FOR SALE Historic Madison, Inc. Tobacco Prizing House 106 Elm Street Madison, Indiana 47250 Method of Sale: Sealed bid See attached Notice for details Bid Opening: May 8, 2015, 2 p.m. Location of Bid Opening: Alcorn, Sage, Schwartz & McGrath, LLP One W. Sixth St., Madison, IN 47250 Available for viewing through: Coldwell Banker Harrell-& Associates, Inc. 1331 Iroquois Drive, Madison, IN 47250 Call: Kevin Harrell at (812) 701-7774 (c) email: [email protected] NOTICE TO: Potential Purchasers Re: HMI Tobacco Prizing House, 106 Elm Street, Madison, IN 47250 This notice is hereby given that the above referenced property will be sold at a private auction on May 8, 2015 at 2:00 p.m. at the office of Merritt K. Alcorn located at One W. Sixth Street, Madison, Indiana 47250. To attend the private auction, please submit a sealed offer to attorney Merritt K. Alcorn at the above address by May 8, 2015 at 2:00 p.m. The property contains approximately 0.12 acres (more or less) and will be sold “as is”. The property will not be sold at less than $95,000. Any party who submits a sealed bid may re-submit a bid at the opening of bids on May 8, 2015, at 2:00 p.m. Any bids at the private auction must be at least $95,000. At the opening of bids, any accepted bidder may increase their bid until a winning bid is established. The winning bidder will be required to tender a sale deposit at the auction of 10% of the winning bid and will enter a legally enforceable contract with the seller, Historic Madison, Inc., with closing to occur within sixty (60) days of the auction. The sale deposit must be tendered in cash, money order, or cashier’s check. If the sale deposit is not provided by the winning bidder, the bidding will be re-opened. The purchaser is required to insure the property from the sale date. Winning purchaser does not have the right to enter the premises without permission of the seller until closing, and possession will be given to purchaser at closing. A purchase agreement will be signed after acceptance of the winning bid. The purchaser will be required to grant a Deed of Conservation Easement to the seller in order to protect the substantial historic, aesthetic and cultural character of the façade of the property. If the winning purchaser does not comply with the purchase terms, the purchaser may be held in default. Upon default, the seller has the authority to hold the original deposit made the day of sale and apply it to the expenses of the second sale and/or the shortfall if the property sells for less at the second sale. Notice posted by: Historic Madison, Inc. c/o Merritt K. Alcorn Alcorn, Sage, Schwartz & Magrath, LLP One W. Sixth Street Madison, Indiana 47250 Property History Built between 1887 and 1892 (2-story portion) by Alexander Lanier or Milton Stapp for a carriage house and stable with a clear span main floor. 1904 – 1919 - W. Trow & Co. flour mill adds one story addition and converts building for use as a barrel making factory or cooperage. 1919 – 1921 – Operated by Julius Scheyer as the Major Apron Factory. 1922 – 1970 - Operated by American Tobacco Co. as a tobacco grading or “prizing” house. 1970 – Current – Operated by Historic Madison, Inc./Historic Madison Foundation Inc. as storage facility and architectural salvage warehouse Features Heavy timber tensioned truss system supports roof and provides clear span on first floor Rare, original tobacco prizing machinery including scales still in place More historical information available at: http://www.loc.gov/pictures/item/in0345/
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