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Commission requires development agreement before closing on sale of Vertivolmer property
Summary
Commission approved a buy–sell agreement with the buyer associated with Fiddleback/Nickelback Ridge, adding a requirement that an approved development agreement and plan be in place prior to closing; commissioners authorized the city manager to sign.
The Lewistown City Commission approved a revised buy–sell agreement for the property commonly referred to in the discussion as the Vertivolmer property, sold to a newly formed development LLC, with a new requirement that an approved development agreement and plan be in place prior to closing.
The commission considered the buyer's corporate restructuring (a newly formed development LLC) and asked staff and the city attorney to tighten wording so the sale would not simply transfer ownership without a firm plan to develop the site. City Attorney Tyler West recommended an addendum to the buy–sell that would require the development agreement to be completed and approved by the commission before closing; Holly, the city manager, told the commission staff can draft the tighter language and pursue a counteroffer if needed.
Joel (developer, first name only in record) and project partners participated remotely and described their intent to develop late spring or early summer if approvals and site work proceed on schedule. Commissioners repeatedly asked for explicit contractual language tying the sale to a development plan and for clarity about which party would be responsible for infrastructure and utilities; staff said conditions in the buy–sell and the development agreement would define those responsibilities.
The final motion directed staff to require an addendum or counter to the presented buy–sell agreement that: clarifies the parties' intent; adds a provision requiring an approved development agreement and plan prior to closing; and authorizes the city manager to sign the buy–sell and any counter or amendment agreed upon. The commission then approved the motion by roll call: Commissioners Bueller, Day, Hewitt, Rubes, Robertson, Spica and Terry all voted aye.
No dollar sale amount was disclosed in the meeting record presented to the commission at the time of vote; the vote authorized staff to finalize language and effect closing consistent with the commission's required conditions.
