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Resident questions terms of MBC/EDC letter of intent for ‘goat property’ sale
Summary
A longtime Heath resident criticized the sale process for a property under contract to the Municipal Benefits Corporation/Economic Development Corporation and described alternative purchase offers; the board confirmed a letter of intent and said a purchase contract was provided but not executed
A Heath resident criticized the handling of offers for a property the Heath Municipal Benefits Corporation (MBC) and Heath Economic Development Corporation (EDC) have under contract, and the board confirmed it had entered a letter of intent for the purchase.
Sue Ellen Compton, who identified herself as a longtime property owner across the street from the parcel, told the board she had been offered alternative buyer terms and said she was uncomfortable with how buyer financing offers were being handled. “We're not gonna float that note for 0 interest,” she said, describing offers she had seen that included multi-year, interest-free payment proposals.
For the record, a board representative stated that the MBC and EDC “did enter into a letter of intent for the deal, which was $800,000 down, $10,000 a month for 84 months, and we did provide a contract and we're prepared to move forward, under with that contract.” The representative also said the contract was not executed and that other offers with different terms had been provided to the seller; the board said the EDC expressed intent to move forward with the original terms described in the letter of intent.
Separately, staff updated the board on the property’s condition and remediation work. Staff said a roofing inspection led to a roof replacement to be covered by insurance, and that minor foundation work estimated under $5,000 had been identified but not yet finalized. Staff said the contract outlines responsibility for deductibles and related repairs and that the project was expected to move toward closing within a month.
The board did not take final public action to close the sale at the meeting. Members discussed evaluating other offers and noted the need to consider what is best for the corporation and city. The meeting record shows the matter was part of the items discussed in executive session and that public questions were entertained after the closed session.
