The company that partnered with Cherokee County to redevelop the historic Jones Building in downtown Canton is pointing the finger at the federal government as to why it decided to pull out of the project.
Thornton Kennedy, a spokesman with the company, said Westbridge Partners anticipated redeveloping the Jones Building using historic tax credits.
The market, he added, has been waiting on guidance from the Internal Revenue Service that was supposed to come down in August. Now, he said, that guidance is "slated for later this year."
"Based on our inability to capitalize the deal in a timely manner, the county and Westbridge mutually agreed that the county would seek alternate plans for redevelopment for the building," he added.
The Cherokee County Commission in August approved a contract with the company to sell them the building for $1.8 million.
Commissioners also approved a contract with Headley Construction to remove the infamous metal and stucco veneer from the building, and Westbridge was expected to reimburse the county.
County Manager Jerry Cooper told the Cherokee Tribune the county has other prospects it could court to possibly purchase the building, and will begin meeting with those prospects in the next week or two.
The building was occupied by the county government until late 2008 when it moved to its new facility in The Bluffs in northern Canton.