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Committee OKs extension of due-diligence period for pending property purchase
Summary
After a public hearing, the committee approved an extension to the due-diligence period for a pending purchase so the buyer can complete feasibility work; the offer of purchase was executed last July, and the due-diligence window was described as expiring in about two weeks.
The committee approved an extension to a due-diligence period for a pending purchase after a public hearing on March 3.
An attendee addressed as "Mr. Knight" told the committee there is an offer of purchase executed last July and that the contract included a due-diligence period scheduled to expire in about two weeks. Mr. Knight said the requested extension will allow additional feasibility work and discussions with the purchaser’s contacts.
The committee moved to approve the extension; the clerk took a recorded roll call and recorded five ayes. The motion carried 5–0.
The transcript does not state the property address, the purchaser’s identity beyond references in the hearing, or any new expiration date for the extended due-diligence period. The extension is procedural and allows continued feasibility study by the purchaser.
