Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
City announces initial term sheet with Jones South Development for Milton Marina, 120‑day due diligence begins on execution
Summary
City Manager Ed Spears told council Jones South Development signed an initial term sheet for the Milton Marina; if council approves execution, a 120‑day due diligence period will begin and staff noted a completed phase‑1 survey that means no phase‑2 is required.
Milton — City staff announced that Jones South Development has signed an initial term sheet for a proposed Milton Marina project and said that, upon execution, a 120‑day due diligence period will begin.
City Manager Ed Spears said the initial term sheet was signed and recommended placing the item on consent so staff can finalize the agreement and begin the due diligence timeline. A staff representative added that the phase‑1 survey was completed and indicated no phase‑2 survey is needed, which staff said could speed the process.
Spears thanked Councilman McKee for leading recent negotiations and said the developer and city had addressed mutual concerns and arrived at terms staff believed were workable. Council took no final action at the work session but staff recommended the term sheet be placed on consent for the upcoming council meeting.
The council asked whether anyone in the audience wished to comment; none stepped forward during the work session.
The council will consider executing the term sheet and starting due diligence at the regular meeting if members agree to place the item on consent.
