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Land bank board authorizes staff to draft offer letter for 309 East 5th Street in Newton historic district
Summary
The land bank board voted to have staff draft and submit a $1 offer letter to broker Roy Foster for 309 East 5th Street under Freddie Mac's HomeSteps program, conditioned on title and environmental due diligence and protections against liens; the board approved the minutes and adjourned.
The land bank board voted to authorize staff to draft an offer letter expressing interest in acquiring 309 East 5th Street in Newton, a recently demolished lot listed through Freddie Mac's HomeSteps program.
Speaker 5, a board member or staff speaker, told the board that broker Roy Foster had entered the property into the HomeSteps system and that the land bank could place a nominal $1 bid if no higher offers materialize. "We can put a bid in for a dollar," Speaker 5 said, and asked the board to approve a draft letter with closing parameters and a due-diligence period so the land bank could confirm title and environmental status before accepting the lot.
The board discussed ownership records and…
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