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Irondale council authorizes $3.5 million escrow for potential land purchase, keeps financing options open
Summary
The council approved amendments to place $3.5 million into escrow for a potential purchase of 4514 Grants Mill Trail; the mayor emphasized the deposit does not constitute a purchase and said the funds will earn 3.65% interest while due diligence continues.
The City Council authorized a resolution to place $3.5 million into escrow tied to a potential purchase of real estate at 4514 Grants Mill Trail, while clarifying the action is not an immediate purchase and the city retains flexibility on financing.
Mayor James D. Stewart Jr. told the council and public that “as of tonight, the city is not buying a piece of land” and that the measure being adopted simply puts the contractual escrow funds in place…
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