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CRA moves forward on purchase contract for 514 West First Street with $3,000 deposit
Summary
Staff said the CRA will buy 514 West First Street for $50,000, placing a $3,000 deposit and taking a 120-day due-diligence period; the CRA advisory board unanimously recommended approval at its March 6 meeting, and the closing would follow the due-diligence period if not terminated.
Staff presented a purchase contract under which the Community Redevelopment Agency (CRA) would buy 514 West First Street for $50,000. The CRA would place a $3,000 deposit and take a 120-day due-diligence period; the contract allows CRA to terminate during that period and recover the deposit in the agency's sole discretion. If CRA does not terminate, the closing would occur within 30 days after expiration of the due-diligence period. Staff said the CRA's advisory board unanimously recommended approval at its March 6 meeting.
Staff noted the purchase aligns with prior CRA acquisitions in the block northwest of the Memorial Boulevard and Martin Luther King Avenue intersection. The transcript indicates the item was placed on the consent agenda; no formal vote or recorded closing appears in the provided excerpt.
