Village’s Statement on Sale of Transportation System

Yesterday, representatives of the Village of Bald Head Island, Bald Head Island Limited, LLC, and SharpVue Capital met to discuss Limited’s plans for the sale of the transportation system to SharpVue Capital.

The Village has been and remains committed to exploring and structuring an acquisition of the transportation system that would provide a top-quality, reasonably priced transportation system for all users, including BHI property owners, businesses, organizations, and visitors. Toward this end, the Village and public raised a number of issues and concerns with the initial proposed sale by Limited to the Bald Head Island Transportation Authority. With support from the voters on Bald Head Island in the form of a $54 million bond referendum passed in November 2021, the Village put forward our own proposal to acquire and operate the transportation system.

In addition to the Village’s pursuing purchase of the system, we have explored a collaborative agreement with the Transportation Authority for the Village to purchase and the Authority to operate the system. Throughout it all we have continued to engage in open communications with Limited to ensure a positive working relationship with any outside investment group should the system be privately sold. In all these and future efforts, the Village strives to protect the users and hold the system, and its owners and operators, accountable to them.

Limited’s Press Release of May 31, 2022 – Bald Head Island Limited, LLC and SharpVue Capital, LLC Announce Signing of Asset Sale/Purchase Agreement