Picayune council authorizes termination of unexecuted Belmont Plan Holdings purchase agreement

The Picayune City Council on July 7 approved authorization to terminate and close out an unexecuted purchase agreement with Belmont Plan Holdings LLC, a move staff described as a formality that lets the company close its escrow account.

City staff member Lindsey told the council the lender sent a letter in 2022 indicating it wanted to end the relationship, but the city’s corresponding agreement was never executed. “This is just a formality process for us,” Lindsey said, adding that the company could close the transaction and the escrow on its side.

The item was presented during the finance and administration portion of the meeting. Councilman Hickman moved to authorize the termination; a second was recorded and the council approved the motion by voice vote. Staff said there is potential the company could return with a new proposal in the future but that the current action simply closes the pending matter.

City staff identified the lender as a New Orleans-based lending company (TLC) and noted a company representative named Charles had been involved previously. No new contract or sale terms were adopted at the meeting; the action was limited to terminating the prior, unexecuted agreement so the other party may close its escrow. The council did not set any additional conditions or follow-up reporting requirement on the termination.