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IDA considers counteroffer for 50-acre Casa parcel; counsel to review proposed subdivision language
Summary
The Herkimer County Industrial Development Agency discussed a counteroffer for roughly 50 acres to be sold at $25,000 per acre with a proposed clause allowing subdivision for related projects. Board members asked counsel to add language limiting subdivisions to entities wholly owned or controlled by the buyer and debated development triggers and a
The Herkimer County Industrial Development Agency discussed a counteroffer to Casa for about 50 acres at $25,000 per acre and considered language that would permit the buyer to subdivide the parcel for related projects, subject to counsel review.
The board reviewed a proposed purchase and sale agreement (PSA) that would allow the buyer to subdivide the 50-acre parcel into multiple parcels to be held by project-specific entities. Tony Hallock, identified in the meeting as counsel, moved the resolution: “I would move to adapt the, counter offer subject to approval by counsel, including language to the extent that the subdivision properties are either wholly owned or…
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