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EDC moves toward purchase of Community Missionary Baptist Church property to secure redevelopment site
Summary
The board described a purchase-and-sale agreement in progress to acquire roughly 8+ acres from Community Missionary Baptist Church for possible redevelopment along the Hampton Road corridor; staff said a $6.65 million purchase price is under contract and closing aimed within about 120 days after due diligence.
Staff reported they have executed a letter of intent and are finalizing a purchase and sale agreement to acquire the Community Missionary Baptist Church property. Staff said the land purchase price under negotiation is $6,650,000 for the assemblage (roughly eight acres) and that $2,000,000 of the acquisition funding would come from a 2015 bond allocation previously authorized for property acquisition along the corridor. The remaining amount—about $4.65 million—was discussed as subject to an EDC financing approach…
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