Title
Ratification of Purchase and Sales Agreement for 922 Main Street
Body
RECOMMENDED ACTION (Motion):
Staff recommends that the Urban Renewal Commission ratify the Purchase and Sale Agreement for 922 Main Street now that the due diligence period has expired.
BACKGROUND:
Staff has been working with a developer for 922 Main Street since February 2016. The Urban Renewal Commission (URC) directed staff to move forward with a Purchase and Sale Agreement after discussing and agreeing to the terms of the Agreement during an Executive Session earlier in the year. Since that time, the due diligence period, as part of that Agreement, has expired and the property has moved into escrow. The next step in the process is for the URC to ratify the Agreement so that the developer can close on the property.