OAK ISLAND, NC (WECT) - A 3-for-1 land swap between the Town of Oak Island and one of its property owners was unanimously approved by Oak Island Town Council on Monday night, meaning the town will be getting land closer to the Oak Island Pier.
Council voted to buy the land and building at 801 Ocean Drive and that property owner gets three oceanfront properties in return.
The property at 801 Ocean Drive has a tax value of $556,780, according to papers prepared for the council meeting.
The three oceanfront properties Oak Island is trading in this agreement are located on East Beach Drive. The value of that land is $525,000, meaning the town would be responsible for paying $31,780 to trade partner ELB Family LP to make it an even deal.
After being damaged during Hurricane Matthew, the Oak Island Pier, which is adjacent to the property on Ocean Drive, is undergoing a $2 million rebuild.