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Developer asks Isle of Wight EDA to release $50,000 of escrow in exchange for 90‑day closing extension on Tidewater Logistics Center
Summary
TMG, the contract buyer for the Tidewater Logistics Center, asked the EDA to amend its purchase agreement to release $50,000 of a $210,000 escrow and move the closing roughly 90 days to Nov. 20, 2025, with options for two additional 90‑day extensions each tied to further cash releases. The request followed updates on permitting and market conditions.
Kyle Maher, who identifies himself as industrial investment lead at TMG, asked the Isle of Wight County Economic Development Authority to amend the county's purchase agreement for the Tidewater Logistics Center to allow a short delay in closing in exchange for a partial release of escrowed funds.
Maher said TMG has $210,000 in escrow and proposed releasing $50,000 immediately to the seller and county when the contract amendment is executed, moving the closing date roughly 90 days to Nov. 20, 2025, and providing options for two additional 90‑day extensions each triggered by further cash releases. He told the board the change would provide flexibility to the project while preserving…
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