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Council extends inspection/closing timeline for 16 Trade Street sale
Summary
Council approved an amendment to the purchase-and-sale contract for 16 Trade Street extending the inspection period from 90 to 180 days (with closing folded into that window and a 10-day grace period), moving a potential latest closing date from March 19 to April 28.
The council voted unanimously to amend the purchase-and-sale contract for 16 Trade Street to extend the buyer’s inspection period from 90 to 180 days and to incorporate closing within that extended inspection period. The amendment adds a 10-day grace period for paperwork, which moves the latest potential closing date from March 19 to April 28 if the buyer uses the grace period.
City Attorney explained that the change responds to the buyer’s difficulty scheduling inspections over the holidays; staff indicated the buyer expects to close as soon as inspections are complete. Council approved the amendment without further discussion, recorded as a 6–0 vote.
Why it matters: the amendment changes the timeline for deed transfer and any planned redevelopment of the 16 Trade Street parcel by several weeks, and staff said the buyer intends to complete inspections and close within the revised window.
Next steps: city staff will track the inspection timeline and closing paperwork under the amended contract terms.
