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Land Bank conditionally approves offer for 1029 E. 20th; buyer must show proof of funds in 10 days
Summary
The board accepted a $20,000 proposal for 1029 East 20th Street conditioned on the buyer providing proof of funds within 10 days; staff noted the project would require licensed electrical, plumbing and HVAC contractors.
The Erie Land Bank voted July 21 to approve a sale proposal for 1029 East 20th Street on the condition that the buyer provide proof of funds within 10 days, board members said.
The board reviewed an offer from Erica Schroeder to buy the property for $20,000 and rehabilitate it for her daughter to live in. The listing agent reported the lot had been shown about 25 times and this was the only proposal received. The land bank’s standard terms for development proposals include a $10,000 development escrow and an ongoing $150-per-month development fee, the executive director said.
Board members raised questions about the submission. Counsel and staff noted the development plan provided with the proposal appeared to list electrical, plumbing and HVAC work that did not show licensed contractors on the face of the plan; the board asked staff to verify licensing. The land bank’s counsel and staff also said the motion should be contingent on receipt of proof of funds to complete the purchase and rehabilitation. A board member suggested a 10-day deadline to avoid holding the property off the market for months while buyers secure financing.
A motion to approve the proposal with a requirement that the buyer provide proof of funds within 10 days carried by voice vote; meeting minutes record the vote as favorable with no opposition. If the buyer fails to produce proof of funds within the deadline, staff said the offer will not proceed and the property will remain listed.
