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Council approves developer's request for two 55-day extensions on Bel Air Division 3 closing
Summary
City staff recommended and the council approved up to two 55-day nonrefundable extensions, each with a $10,000 deposit, to preserve the $2,000,000 purchase agreement for Bel Air Division 3 while the developer completes due diligence and zoning work.
Council at its May 5 work session approved a request from Clearstone LLC, working through broker TOK, for up to two 55-day extensions to the purchase-and-sale closing date for Bel Air Division 3, with each extension requiring a $10,000 nonrefundable deposit.
Staff explained the property had been taken to market after an earlier public hearing produced no bids, and the council previously accepted a letter of intent that set a $2,000,000 sale price. The buyer…
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