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Council approves 30-day extension for Project Duke closing; $25,000 extension deposit required by contract
Summary
Council approved a 30-day extension to the closing date for Project Duke; the contract requires the buyer to deposit $25,000 into escrow for the extension and staff noted the payment will help cover transaction-related costs.
The council considered a request from the Project Duke buyer to extend the contract closing date by 30 days. Staff noted the purchase contract already provides for a 30-day extension if the buyer elects that option and that exercising the extension requires a $25,000 deposit into escrow.
Council approved the requested extension, noting the $25,000 would be added to escrow and could be applied toward transaction costs. The council treated the matter as new business because the request was received on short notice and recorded a formal motion and second before voting. Staff will process the extension and the escrow deposit per the terms of the contract.
