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Layton redevelopment agency approves five-year option agreement tied to defense-contractor lease
Summary
The Layton Redevelopment Agency approved an option agreement that would let an agency buy two parcels for $8 million, with the sale contingent on a tenant that is described as one of the top five prime defense contractors; the option runs for five years and includes annual 3% price escalation after 2026.
The Layton Redevelopment Agency approved an option agreement to purchase two parcels that the agency has agreed to sell for $8,000,000, a figure the staff said equates to about $7.50 per square foot. The agreement gives the buyer a five-year option term and makes the sale contingent on the presence of a tenant the staff described as “one of the top five prime defense contractors.” The agency’s packet and staff presentation said proceeds from the sale would go back to the city minus costs to conduct the sale.
Agency staff described…
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