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Council approves closed‑session sale agreement to developer for portion of Eagles Ridge Drive property
Summary
In closed session the council authorized entering a purchase agreement with Essex Development LLC for 5.85 acres at 3500 Eagles Ridge Drive at $10,000 per acre to start due diligence for a duplex condominium development of up to 24 units.
In a closed‑session action during the April 7 meeting, the Beloit City Council approved a resolution to enter into a purchase agreement with Essex Development LLC for a portion of the city property at 3500 Eagles Ridge Drive.
Staff (identified in the record as Sydney) told council that Essex Development offered $10,000 per acre for 5.85 acres. The proposal would allow the developer to proceed with due diligence for a residential duplex condominium development with up to 24 units. Following staff presentation, a motion to approve the purchase agreement was moved and seconded; the council recorded a voice vote of “aye” with no recorded opposition during the closed session and then reconvened to adjourn.
Because the matter was deliberated in closed session under Wis. Stat. §19.85(1)(e) (competitive or bargaining reasons), the council’s action in closed session is recorded in the public minutes as approval to enter the agreement and begin the developer’s due diligence period.
