Council briefed on Amendment No. 3 to paper‑mill purchase agreement with Arcadia Holdings
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Summary
Staff presented Amendment No. 3 to the purchase and sale agreement for the former paper‑mill property at 1300 Castro Road with Arcadia Holdings LLC, finalizing legal descriptions, easements, seller financing and ancillary covenants including effluent clarifier use; details will be discussed further in executive session and at the regular meeting.
City staff briefed council on Amendment No. 3 to the purchase and sale agreement for the property at 1300 Castro Road between the City of St. Helens and Arcadia Holdings LLC.
The amendment finalizes the legal description and easements, incorporates seller‑finance documents, and embeds an ancillary agreement covering operational matters such as continued use of the city’s effluent clarifier, wiring system access, and obligations for continued fire suppression. Staff said the amendment also includes a one‑time right for the city to transfer a new mill operator’s use to an affiliate or subsequent purchaser with city approval.
The presentation was high level; staff said additional negotiation details and certain final terms will be discussed in an upcoming executive session and presented on the regular council agenda for action. The council did not take a vote during the work session.
Staff framed the amendment as an important step toward closing and noted that additional due diligence and legal finalization remain before a formal closing date.
