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EDA approves purchase agreement for 1.19-acre Lehi parcel; staff to order Phase 1 study
Summary
The EDA approved Resolution 02/2024 to proceed with a purchase agreement for roughly 1.19 acres (Lehi property) at a purchase price of $150,000 with $10,000 earnest money; staff will obtain missing estate-signing documents, order a Phase 1 environmental study and aim for a closing by year-end.
Staff presented a purchase agreement packet for the Lehi property (approximately 1.19 acres). Key terms presented to the commission included a purchase price of $150,000, earnest money of $10,000, a contingency date of Dec. 1 (after which the earnest money becomes non-refundable), a title analysis due within 30 days, and a closing on or before the end of the year.
Staff noted the purchaser on the agreement is Ryan Lent, son of the record owner, and that additional paperwork is needed to confirm authority to sign for the estate. Counsel indicated title commitments have been reviewed and did not reveal concerns. The staff recommended approving Resolution 02/2024 to authorize execution of the purchase agreement and to proceed with due diligence steps, including ordering a Phase 1 environmental study.
A motion to approve the resolution and move forward with the purchase passed by voice vote. Staff said they would proceed with the environmental study and continue to work with the purchaser to obtain the necessary estate signing documents.
No further details on the buyer's intended use were presented at the meeting.
