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EDC ratifies prior real-estate exchange with SanduPa Investments B LLC, keeps reimbursements tied to milestones
Summary
The board ratified a prior approval and authorized closing documents for a land exchange with SanduPa Investments B LLC, confirming the development agreement ties reimbursement to project milestones with 50% at closing and remaining payment upon certificate of occupancy.
The Rio Grande City Economic Development Corporation moved to ratify a corporate resolution confirming prior approval and authorizing execution of closing documents for a real-estate exchange with SanduPa Investments B LLC. Staff said the action is principally a formality requested by the title company to name the authorized signer for closing.
Board members clarified the financial terms and the relationship between the land exchange and the existing development agreement. Legal and staff explained that reimbursement tied to incentives is conditioned on two items: a payment at closing (50% of the applicable reimbursement) and final payment tied to receipt of a certificate of occupancy and submission of invoices and lien releases. One board member said the EDC will not provide funds without proof of work and invoices; staff confirmed the development agreement contains milestones that must be met before full reimbursement.
A motion to approve the resolution as presented, pending legal review, was made and seconded; the board approved the ratification by voice vote.
