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Homestead council directs manager to gather facts on $50M Bluenest letter of intent for mitigation property
Summary
Council authorized the city manager to hold preliminary discussions and gather documentation about a $50 million nonbinding letter of intent from Bluenest Development LLC to buy roughly 530 acres of the city's mitigation property, citing extensive conservation easements and a separate right-to-match held on a 160-acre portion by VSGS.
Mayor Lawson opened the special-call meeting to consider a nonbinding letter of intent from Bluenest Development LLC offering $50,000,000 in cash for the city's mitigation property and asked staff and the city attorney to advise on next steps.
City Manager (on the record) summarized the offer: “He proposes a purchase price of $50,000,000 payable in cash at closing with an inspection and due diligence period of 9 months for a certain city property located on the East Side of the city, comprising approximately 530 acres,” and the city attorney warned large…
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