Council sets closing date, final price mechanics for Terrell Properties sale of 5.45 acres

The Glendale City Council on Sept. 9 approved a first amendment to a purchase-and-sale agreement with Terrell Properties LLC for approximately 5.45 acres, authorizing staff to set the final purchase price based on the ultimate square footage acquired and establishing a closing date of Sept. 26, 2025.

City Attorney Michael Bailey summarized the amendment as setting the final purchase price (based on the ultimate square footage included in the conveyance) and moving up the closing date from the longer period in the original agreement to Sept. 26, 2025. Bailey asked the council to approve the amendment; a council member moved to approve “as stated by the attorney” and another council member seconded. The council approved the amendment by roll call.

The amendment does not set a single fixed purchase price in the ordinance text; rather, it delegates the final calculation to the square footage determined before closing. Staff told council that the new closing date is earlier than the timeline in the original contract.

The motion carried on a roll-call vote. The city clerk recorded the approval and staff will proceed to finalize the amended agreement and schedule the closing.