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CDRA ratifies purchase agreement for Walgreens parcel in Port Union town center
Summary
The Creative Development and Renewal Agency voted to ratify a purchase agreement for a 1.09-acre parcel formerly occupied by a Walgreens in the Port Union town center for $3.5 million and moved into closed session to discuss real property purchase/lease. Due diligence runs through November; closing is expected between mid-December and mid-March.
The Creative Development and Renewal Agency voted Tuesday to ratify a real property purchase agreement to acquire a 1.09-acre parcel formerly occupied by a Walgreens in the Port Union town center for a purchase price stated in the meeting as $3.5 million.
Mike Quickers, chair of the board, introduced Item 2 as consideration of “resolution 2020 5 05” (as stated in the transcript) to approve and ratify the purchase agreement and related documents for property within the town center at 2300 East Port Union community reinvestment project area. An unidentified staff member summarized the terms and timetable for the transaction.
The staff member said the agency is in a due-diligence period that runs through November, after which there is a 30-day closing period. The speaker also stated the seller has extension rights described in the transcript as up to three 30‑day extensions. “And we will utilize the funds from the bond that we’ve already issued on this purchase as well,” the staff member said, describing the funding source for the acquisition.
Chair Quickers asked for questions; none were raised. A motion to approve the resolution to ratify the purchase agreement was made and seconded. In a roll-call vote the following board members recorded “Yes”: Council member Holton; Council member Hyland; Council member Newell; and Council member Burrell. An additional speaker recorded a yes vote as well. The motion was recorded as approved by the votes reflected in the meeting.
Following the vote, Quickers said there was business to discuss in closed session concerning the real property purchase or lease. The board moved, by motion and second, to enter a closed session; participants discussed leaving the CDRA meeting first and procedural steps for the closed meeting.
Next steps identified in the meeting: completion of due diligence through November, then a 30-day closing window (subject to any seller extensions), and follow-up work tied to the escrow/title company and bond-financing already in place. The resolution was ratified at the meeting and the board proceeded to a closed session to continue discussions on the property.
