The City of Eddyville has sold four more of the 18 Country Lake Estates lots it was deeded just more than two years ago.
At Monday's city council meeting, Mayor John Choat announced the city closed with buyers on the sale of the lots just last week. Each vacant property sold for $6,500, the non-negotiable price placed on the municipally owned, undeveloped lots that lie off Ky. 730.
"It's doing exactly what we intended it to do,' said City Attorney Stephen Underwood.
In August 2017, the city took ownership of the lots from Rita Pogue as repayment for a commitment made years ago to pave the streets in the development created in 1996. At the time the lots were acquired, they were valued at $45,000. After street improvements made by the city, the 18 lots were valued at $117,000, an average of $6,500 each.
City Clerk Lynn Orange said revenue from the eventual sale of the lots will amount to more than it cost the city to pave the streets, about $105,000.
"The council tried to find a way to do right by the residents (in the Country Lake Estates) and city taxpayers," she said.