The Putnam County Commission approved an Asset Purchase and Lease Agreement at its Thursday, May 26, meeting which will result in Putnam Holdings, LLC maintaining or causing a grocery business to be maintained in Poca.

The agreement means that the real estate involved will be listed under the name of the Putnam County Development Authority and will not be subject to property taxes for a 15-year period on the condition that the old Poca Supermarket be reopened and continue to operate.

Poca residents have been without a grocery store since April 1st following unexpected closure of the Poca Foodfair. The closure has caused a loss of B&O tax revenue.

Putnam Holdings is in the progress of renovating the old supermarket and one other business.
Sources report that negotiations are in progress with Putnam Holdings involving two different parties who are interested in reopening the supermarket.

The arrangement will result in the loss of approximately $22,000 per year in property tax revenue to the County and the Town. Mayor Wimpy Jones reported the B&O tax revenue created by the reopening will more than offset the loss in property taxes. Mayor Jones stated that he is hopeful that Poca will have an operating supermarket before summer’s end.

Putnam County property transfer records reveal Putnam Holdings purchased the 1.32-acre supermarket plot from M C Inc. for $1,010,000 on May 20th. Putnam Holdings LLC maintains an office in Eleanor.

In other business, the Commission approved the sale of 0.116 acres of county property in Curry District to Sierra Sheltz and Jacob Burns for $2,158. The property was sold online by auction through Govdeals.com. The Commission had set a minimum bid of $500 for the property at prior meeting.