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Monroe council accepts letter of intent to sell 5.71-acre North Industrial Park parcel to La Vakita Incorporated
Summary
The Monroe Common Council voted unanimously to accept a letter of intent from La Vakita Incorporated to purchase approximately 5.71 acres (parcel 504.0323) in the North Industrial Park for $80,000; the authorization allows city staff to execute the LOI and negotiate a formal purchase and sale agreement for later council consideration.
The Common Council of the City of Monroe unanimously accepted a letter of intent from La Vakita Incorporated proposing to buy city-owned parcel no. 504.0323, a tract of roughly 5.71 acres in the North Industrial Park, for a proposed purchase price of $80,000, payable in cash or certified funds.
“Alders, the city hereby accepts a letter of intent dated 03/25/2026 from La Vakita Incorporated for the purchase of the above described property,” said the committee member presenting the finance and taxation committee’s resolution, reading terms that include earnest money, a due-diligence period and a closing timeline. The council member moved to approve the resolution, which was seconded and then approved in a roll-call vote.
The resolution authorizes the city administrator and city clerk to execute the letter of intent on the city’s behalf and directs the city administrator and city attorney to negotiate and prepare a formal purchase and sale agreement consistent with the LOI for future consideration and approval by the common council. The acceptance of the LOI does not finalize a sale; it allows the parties to proceed with negotiations and prepare documents for the council’s later review.
The clerk recorded nine aye votes and no opposing votes: Alder McGuire, Alder Vestine, Alder Tillman, Alder Miller, Alder Cleveland, Alder Truhart, Alder Warthenweiler, Alder Schaeffer and Alder Franke. The chair announced the resolution passed unanimously.
Council discussion during the motion focused on procedural next steps rather than substantive changes to price or parcel description; the LOI as read lists the parcel location and the core commercial terms (earnest money, due diligence, closing timeline). The council did not vote tonight on a purchase and sale agreement, specific earnest-money amounts, or any amendments to the LOI; those items are to be negotiated by staff and returned to the council for formal approval.
Next steps: staff will execute the LOI as authorized and work with the city attorney to draft a purchase and sale agreement for consideration at a future council meeting. The LOI as presented is dated 03/25/2026 and names La Vakita Incorporated as the prospective buyer.
