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Bristol approves $1.1 million purchase agreement for new ballpark site
Summary
At its Oct. 14 meeting, the Bristol Virginia City Council voted unanimously to approve a purchase agreement to acquire roughly 8.73 acres for a new multi-use ballpark, setting a $1.1 million price, a 90-day inspection period, naming-rights arrangements and deed restrictions limiting future uses.
Bristol Virginia City Council on Oct. 14 approved a purchase agreement to acquire approximately 8.73 acres for a new multi-use ballpark, authorizing staff to complete the transaction at a purchase price of $1,100,000.
City staff said the parcel consists of tax parcels 26-2-214-J and 26-2-214-J1 and that the agreement reached with Marathon Realty Corporation reduces the seller’s original asking price of $1,600,000 to $1,100,000. The agreement includes a 90-day inspection period and requires closing on or before the 30th day after that inspection period, staff said.
The purchase agreement also grants KBAT exclusive rights to designate the official name and logo of a portion of the ballpark, subject to a separate marketing agreement between the city and KBAT. The city will…
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