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Council approves one‑year extension and $20,000 nonrefundable payment to extend due diligence for 110 Entrada development
Summary
Los Alamos County unanimously approved Amendment No. 1 to the purchase‑and‑sale agreement for 110 Entrada (Lot 6B‑2), extending the developer's due‑diligence period for up to a year in exchange for a nonrefundable $20,000 payment credited toward closing.
The Los Alamos County Council on July 20 unanimously approved Amendment No. 1 to the purchase‑and‑sale and development agreement for the county‑owned parcel at 110 Entrada Drive (Lot 6B‑2), extending the buyer’s due diligence by up to one year in exchange for an additional $20,000 nonrefundable payment that would be credited toward the purchase price at closing.
County Manager Lorenz told council the buyer has sought extra time to finalize tenant arrangements and other studies before committing to closing. The extension fee is nonrefundable but will apply against the purchase price if the sale closes.
Council action
Council voted 7–0 to approve the amendment. The motion was made by a councilor from the dais and seconded; the roll call vote was unanimous and the amendment was recorded as approved.
Why it matters
The amendment preserves the sale while giving the buyer more time to complete tenant negotiations and technical due diligence. Because the $20,000 is nonrefundable unless credited at closing, the county receives an immediate commitment and partial consideration while the buyer continues evaluation.
What’s next
Staff will continue to work with Entrada LLC during the extended due‑diligence period and will return to council with closing documents if and when the buyer completes its conditions.
