Sustainable Prosperity, Inc. (“SPI”) has worked with donors and communities to utilize different strategies to accomplish mutual realized benefits for the community, the donor and the organization.
One tool that is available is the IRS "bargain sale".
SPI completed a bargain sale for the Regency Inn in Selma, North Carolina. The property is located on Exit 97 which sits at the crossroads of US 70 and I-95. The sale included a hotel that had seen better days and was in need of either a renovation or a sustainable demolition.
SPI met with the Town of Selma and after meeting with the Town Manager, Town Planner and Mayor the group mutually agreed that the Regency Inn needed to be demolished.
The hotel has been demolished with very little waste. Most of the materials were either recycled and/or reclaimed through the auction process and/or sustainable demolition.
Over 95% of the weight of the hotel (concrete) was recycled on site into aggregate that can be reused onsite or in the community. All of the metal from the hotel was recycled.
The property is currently being marketed and the land is now in a “ready to build” condition that will benefit the community.