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Council extends Old Home Manor RV Park closing date as developer secures investor; $20,000 deposit now town's
Summary
The council approved a second amendment to the purchase-and-sale agreement to extend the Old Home Manor RV Park closing date by 60 days while the developer brings a new investor; staff said the $20,000 earnest money is now nonrefundable and remains with the town.
The Chino Valley Town Council approved a second amendment to the purchase-and-sale agreement with Chino Valley Rodeo Drive LLC to extend the closing date for the Old Home Manor RV Park project by 60 days.
Town staff summarized the project as a 26-acre RV park with 184 spaces and luxury amenities. Staff also presented consultant-provided economic projections for construction and operations; those figures were presented during the staff summary and include projected construction jobs, capital expenditures and anticipated annual tax revenue as stated by the consultant. The staff memo notes the developer has a new investor and that the developer agreed not to make the earnest money refundable; the $20,000 deposit now remains with the town regardless of closing.
Council members asked no substantive questions and the council approved the amendment by unanimous vote.
Staff said previous council actions included approval of the purchase-and-sale agreement and a development agreement; staff will continue to update the council as the project proceeds.
