Rev. John Powell has rejected the city’s offer to purchase the historic Smith Bakery building on the corner of Belmont and Devilliers streets, according to sources in Pensacola City Hall. Mayor D.C. Reeves will be my guest on WCOA’s “Real News with Rick Outzen” this morning at 7 a.m. to discuss the negotiations. I will post the podcast of the interview later his morning.
Our sources shared that the city of Pensacola offered Powell and his Truth for Youth, Inc. $1.4 million for the property with an additional $100K contingency for any unforeseen issues before closing. After paying off the mortgage, Powell would have netted about $500K. Instead, he notified the mayor at 4 p.m. yesterday that he would not accept the deal.