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Hoover Council authorizes letter of intent to sell 3021 Lorna Road to PWD Equity Partners LLC for $1.9 million
Summary
Council authorized a letter of intent to sell city-owned 3021 Lorna Road to PWD Equity Partners LLC for $1,900,000 with $5,000 nonrefundable earnest money and an initial inspection period; attorney clarified $15,000 due-diligence payment is evidence of payment, not a deposit.
The Hoover City Council voted Dec. 8 to authorize the mayor to execute a letter of intent to sell property at 3021 Lorna Road to PWD Equity Partners LLC for $1,900,000, with $5,000 in nonrefundable earnest money.
City Attorney described the sale terms: the property will be taken off the market during an initial 30-day inspection period that can be extended to 90 days if the purchaser provides an additional $15,000 in due-diligence funds and supplies verifiable receipts. Attorney Walter clarified to the council that the $15,000 functions as evidence of payment rather than a deposit. A purported purchaser was not present at the meeting and the City Attorney noted he had a medical appointment.
A motion to approve the letter of intent was moved and seconded, discussion addressed the mechanics of extension and compensation for additional due-diligence, and the council approved the resolution. The mayor was authorized to execute necessary documents to complete the transaction if it passes required steps.
