Judge approves movie‑lot sale; developer Pulte says it expects to meet March 3 due‑diligence deadline
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Summary
Board administration told the finance committee that a court approved the sale of district-owned movie lots on Jan. 27; developer Pulte indicated it expects to complete due diligence by March 3 and then must place funds in escrow as the next contractual milestone
The finance committee received an update on the district’s pending sale of the movie‑lot property. Administration reported the Montgomery County court approved the sale on Jan. 27 after hearing affidavits from both appraisers stating the sales price exceeded appraised value.
District staff said they contacted buyer-developer Pulte, which told the administration it expects to meet the contract’s due-diligence deadline of March 3 and that, if so, the buyer will place funds into escrow as required by the agreement. Administration noted that no funds are currently in escrow and that crossing the due‑diligence threshold will trigger the next contract obligations.
Why it matters: The sale is contingent on contractual milestones (due diligence, escrow); court approval removes a procedural obstacle and allows sale steps to proceed if the buyer meets contract deadlines. Administration described the March 3 due‑diligence deadline as an important contractual threshold and said it would report updates if Pulte requests further extensions.
Ending: Administration will report any escrow payment and any additional extensions to the board; at the Feb. 11 meeting Pulte indicated it did not anticipate seeking another extension.