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Council reviews purchase agreement and long ground lease for 1771 Columbia Blvd. site
Summary
City legal counsel Jeff explained on July 16 that the PSA for 1771 Columbia Boulevard sets a $1.25 million purchase price, ties closing to the seller’s requested timeline and uses a long ground lease granting the city owner-like rights while fee title is delayed.
City legal counsel Jeff walked the council through a purchase-and-sale agreement (PSA) and an associated long‑term ground lease for the property at 1771 Columbia Boulevard during the July 16 work session.
Jeff said the PSA sets a base sale price of $1,250,000, subject to a $25,000 downward adjustment if the seller accelerates the closing, and includes an indexing clause that adjusts the price for inflation beginning on the third anniversary of the agreement. The seller has requested a delayed closing mechanism that ties the closing trigger to the death of the principal owner of the seller entity, which Jeff identified as Wayne Weigandt (the seller’s owner as listed in state…
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