Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate topic
No spam. Unsubscribe anytime.
City staff says buyer in place for Lower Street Trio; purchase expected within 45 days
Summary
City staff and Live Oak Contracting representatives told the council that Live Oak Estates will buy the Lower Street Trio property from Southeast Development under a purchase-and-sale agreement and that outstanding lien litigation will be revisited.
City staff told council members that, as of the night before the meeting, a fully executed purchase-and-sale agreement was in place for the property known as the Lower Street Trio. Paul Bertozzi, president of Live Oak Contracting, said Live Oak Estates will acquire the property from Southeast Development and the transaction is expected to close within 45 days.
Why it matters: The sale resolves an ongoing ownership question for a property that had been the subject of a lien and litigation discussions; the council had earlier paused enforcement proceedings while negotiations were underway.
What was said: Mike Weinstein, the city's chief of staff, told the council that the PSA with Southeast Development had been fully executed and that the Live Oak affiliate would purchase the property within the next 45 days. He said that the city's lien matter had been placed in postponement while negotiations proceeded and that the parties agreed to revisit the lien with new dates now that the PSA was executed.
Paul Bertozzi (Live Oak Contracting) and Weinstein indicated the transaction should clear the way to address the lien. No vote was taken; the council received the update as an informational announcement.
Ending: City staff said they will proceed to revisit the lien dates with the parties and return to the council if any formal action or additional approvals are required.
