Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Acquisition Environment topic
No spam. Unsubscribe anytime.
Selectboard directs staff to explore environmental escrow and 30-day extension for 50 Pleasant Street purchase
Summary
Following public hearing feedback, the board voted to ask staff to pursue an environmental escrow provision in the proposed purchase agreement for 50 Pleasant Street and to seek an additional 30 days for due diligence and testing.
After hearing public feedback during a prior public hearing and receiving a staff report, the Rangely Selectboard voted to direct staff to explore including an environmental escrow in the town's proposed purchase agreement for 50 Pleasant Street and to seek a 30-day extension of the closing period to allow for environmental testing and review.
Town counsel summarized that environmental escrows are common in first-sale agreements and said adding such a provision and requesting a time extension would be possible if the seller agrees. A member of the board asked that any public statement clarify that if testing reveals environmental conditions that the town cannot reasonably mitigate, the town would not proceed with purchase.
One board member urged the board to publish a statement to the public indicating the town will request an extension and pursue testing to address liability concerns; another noted that an environmental program called a BREP (brownfields-type program) had been used previously on a separate Allied Realty site and provided state liability protection when conditions met program requirements.
A motion to explore both the environmental escrow and a 30-day extension passed by voice vote.
The board did not set a binding requirement that an escrow guarantee purchase, and staff noted any escrow or extension would require seller agreement before it can be finalized.
