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Board affirms letters of intent are nonbinding; staff told to state that clearly to developers
Summary
Economic development staff asked for direction about how to handle developer letters of intent (LOIs) for district land. The board agreed LOIs are nonbinding and staff should inform applicants that nothing is final until a signed contract is approved by the board; staff will add standard language to LOI responses.
Matt Lund, director of business administration, told the board that developers increasingly want assurance that a parcel will be held while they spend on due diligence. He outlined the district’s present practice: inquiries and LOIs are presented to the board, but nothing is final until a contract is signed and approved.
Board members and legal counsel urged clear, consistent communication to developers. Legal counsel…
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