Wellington council approves sale of Kay Park to Related Ross and EIM for mixed-use project and private school

The Wellington Village Council voted 5-0 on Jan. 14 to approve two purchase-and-sale agreements that would sell Kay Park (the site referred to in materials as “Kpark”) to a Related Ross-controlled entity and to Education in Motion (EIM) for a proposed mixed-use development and a private nonprofit school.

Council members approved two separate resolutions, labeled AC 2025-1 and AC 2025-2, after staff and the village’s outside counsel summarized negotiated terms and representatives for the developer and the proposed school answered questions. The council passed both motions by voice vote with the outcome recorded as 5-0 in favor.

The agreements set projected purchase prices and minimums. For the Related Ross-controlled parcel the negotiated price equates to about $885,714 per acre with a projected total near $31,000,000; the contract includes a minimum purchase price of $28,340,000. For the parcel to be sold to EIM the price is roughly $457,000 per acre with a projected total near $16,000,000 and a contract minimum of $14,628,706. Purchasers and the village agreed to an acreage-adjustment methodology tied to final surveys and legal descriptions.

Outside counsel George Pincus summarized protections for the village, including: a 180-day inspection/due-diligence period for each buyer; a 365-day approvals period for the buyers to secure land-use and zoning entitlements; the ability for buyers to terminate at the end of those periods; and standard as-is purchase terms. Pincus said the contracts also include repurchase options the village may exercise if a buyer defaults, with specified appraisal procedures and a repurchase discount (a $1,000,000 discount on the Related parcel…