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Land bank authorizes offer letter to pursue 309 East 5th Street in Newton historic district
Summary
The board authorized staff to draft and send an offer letter to broker Roy Foster to pursue acquisition of 309 East 5th Street, a Freddie Mac HomeSteps demo lot in Newton's historic district, with a 30-day due-diligence window and protections against liens and demolition costs.
A land bank-centered board voted to authorize staff to draft and send an offer letter to broker Roy Foster to pursue acquisition of 309 East 5th Street, a Freddie Mac HomeSteps property that was recently demolished and sits in Newton's historic district. The board approved moving forward with the letter subject to due-diligence protections.
The action came after board members discussed ownership, demolition costs and title risks. "We can put a bid in for a dollar," said Speaker 2, who presented the item and described the property as listed in Freddie Mac's HomeSteps program. Speaker 2 recommended a draft letter expressing the land bank's interest, proposing a 30-day due-diligence period and routing…
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