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Finance Committee signs off on terms to buy 1341 State St.; agrees to cost‑sharing, caps and staff follow‑up
Summary
The Finance Committee on July 29 advanced a purchase‑and‑sale agreement to acquire 1341 State Street from Hoban Real Estate LLC, approved a 50/50 cost share for additional environmental testing with a city cap of $75,000, and added a $2,000 closing‑cost contribution.
The Finance Committee on July 29 advanced a purchase‑and‑sale agreement that would let the City of Green Bay acquire 1341 State Street from Hoban Real Estate LLC, adopt a leaseback with the seller and share the cost of additional environmental testing tied to a Department of Natural Resources (DNR) case.
Bill Holden, who identified himself as a property representative for 1341 South State Street, and a Hoban Real Estate representative, Mr. Hogan, participated in the discussion. City staff summarized the documents: a purchase‑and‑sale agreement, a leaseback allowing Hoban to continue limited operations during a wind‑down period, and an environmental addendum addressing phase‑2 assessment work and potential DNR requirements.
Staff said Stantec (the environmental consultant) estimated probable…
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