Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate Sale topic
No spam. Unsubscribe anytime.
Highest upset‑bid received: county staff recommend accepting $4.9M offer for Tanglewood property
Summary
After an upset‑bid period, staff reported the highest offer to purchase Tanglewood property (7545 Topsider Drive) is $4.9 million from PMA 1 Holdings LLC d/b/a Pine State Development; the negotiated purchase-and-sale agreement provides 180 days for due diligence and a 90‑day permitting period, with nonrefundable extension deposits.
County staff briefed the board on the negotiated sale and upset‑bid process for the Tanglewood property at 7545 Topsider Drive. After four upset‑bid periods, staff said the highest offer came from PMA 1 Holdings LLC, doing business as Pine State Development, for $4.9 million.
Kirby Robinson, community economic development director, described the purchase‑and‑sale agreement terms: the buyer has 180 days of due diligence (survey, environmental review, rezoning) and may extend due diligence twice for 30 days each by depositing $12,500 per extension (deposits nonrefundable). After due diligence, the buyer has a 90‑day permitting period (extendable by deposit) with closing 30 days after permitting expiration.
The buyer is represented by Arden Homes, a local residential developer. Robinson said the buyer committed to community outreach as they develop site plans and to complete a traffic impact analysis; he reported the buyer had already engaged Village of Clemmons staff. If the buyer cancels in due diligence they receive a refund of the initial 5% deposit; cancellation during permitting would forfeit that deposit.
Staff recommended the board accept the highest offer and authorize the negotiated purchase and sale agreement under the upset‑bid process for final consideration at the Thursday meeting.
