Hosemann opens bids for troubled cemetery
VICKSBURG — The Secretary of State’s Office has opened three bids placed on the Green Acres Cemetery.
“Green Acres was the first cemetery to come under the Receivership of the Secretary of State and perhaps one of the most difficult to return to private ownership,” said Secretary of State Delbert Hosemann. “Initially, our office was successful in clearing a $2.2-million debt against the property, at no cost to the state. The release of this substantial debt helped clear the way for the sale of this property by public bid.”
Pending a financial review, the Secretary of State’s Office will make a recommendation to Warren County Chancellor Vicki Barnes, requesting the cemetery be confirmed to Harry Carter Sharp. Sharp offered $135,000 cash payment, plus 10 percent of the pre tax profits of the cemetery up to $100,000. In addition, Sharp’s bid includes approximately $51,000 in much needed improvements to the existing facilities and a 30 percent discount on memorials, opening charges and vaults.
Of the $135,000 in cash pledged on the cemeteries, approximately $37,000 will be paid to the State Tax Commission to pay back taxes for liens against the properties. After expenses, the remaining portion will go to the perpetual care trust for that cemetery. Furthermore, over $550,000 in insurance policies titled to the wife and daughter of the prior owner will be transferred to the perpetual care trust.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- (UPDATE) Prison won’t interrupt ex-prison chief’s retirement cash flow
- Ex-prison boss and businessman admit to bribery scheme
- ASA postmortem: industrial recruiting is a constant cycle of death and life
- MARTIN WILLOUGHBY — Doug Dale’s self-awareness helps lift him to top of his game
- JOSH MABUS — Inbound marketing is fueled by wishful thinking
- MBJ Business Woman of the Year Top 10
- (UPDATED — BREAKING NEWS) American Specialty Alloys won’t locate $1.2B mill in Mississippi
- 2014 a good year for filmmaking in Mississippi
- PHIL HARDWICK: When Bill Cooley talks, people listen