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 the signed letter through staff (Casey) to broker Roy Foster.

Speaker 6 told the board the broker wanted an offer letter but that the land bank could not complete that administratively and the board needed to act. "We couldn't do that administratively; it would have to go to this board," Speaker 6 said, describing edits made to preserve the land bank's ability to confirm there are no liens or environmental encumbrances before closing.

Board members raised several practical questions. Speaker 5 asked who paid for the demolition and whether there were back taxes or demo liens; Speaker 2 said county GIS records showed the owner as the Federal Home Loan Mortgage Corporation and Meritrust Federal Credit Union and stated the city did not pay for the demolition. Members stressed that any acceptance must be conditioned on title work and confirmation that the land bank would not assume demolition liabilities.

Speaker 5 moved to accept the draft letter with amendments "with the understanding that our due diligence has got to figure out that we're not going to be on the hook for the demo or anything and it has to be subject to no liens," and Speaker 3 seconded. After limited further discussion about timing and possible expiration terms, the chair called the question and the motion carried by general assent. The board authorized staff to formalize and circulate the letter and to have Casey sign it if appropriate.

Members discussed adding an expiration to the offer; Speaker 6 suggested a 60-day expiration, while others noted that 30 to 45 days might be sufficient and that a longer window could allow other bidders to enter the Freddie Mac process. The board also flagged the historic-district status as a constraint on future redevelopment and said holding the lot in the land bank would allow the agency to control resale and ensure buyers understand the historic standards.

The meeting adjourned after the board authorized drafting the letter. Staff will pursue title and environmental checks during the due-diligence period and return to the board if unresolved liens, demo-assessment liabilities or other issues emerge.