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Homestead council extends due diligence on 406 Washington purchase after Phase 1 report; third appraisal and Phase 2 ordered
Summary
Council declined to terminate a purchase contract for 406 Washington Avenue and instead voted to extend due diligence through Feb. 27 to allow a Phase 2 environmental investigation and a third appraisal; the motion included authority for the manager to execute an extension and an instruction that the contract terminate if the seller will not sign the extension.
Homestead City Council on the motion of Vice mayor Bailey extended the city’s due-diligence period for a proposed purchase of 406 Washington Avenue through Feb. 27 to allow a Phase 2 environmental investigation and a third appraisal, after receiving a delayed Phase 1 report earlier in the meeting.
Staff had presented a resolution authorizing a purchase and a note not to exceed $1,666,812 to secure the loan for the acquisition; the Community Redevelopment Agency (CRA) staff were also proposing a $1,000,000 CRA…
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