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DDA approves lease revision and $6,516 compensation to Pierce to allow tank removal
Summary
The Chamblee DDA unanimously approved a 2nd amendment to the Pierce purchase-and-sale agreement to modify the Pierce–Tradition Trees lease, accommodate tank removal, and reimburse Pierce roughly $6,516 for one week of lost use, labor and gravel costs.
The board approved a 2nd amendment to the Pierce purchase-and-sale agreement designed to revise the lease between Pierce Partnership and tenant Tradition Trees so the DDA can remove underground storage tanks during Tradition Trees’ lease term. The Chair explained the amendment includes a payment to offset Tradition Trees’ one-week loss of use and extra labor and gravel costs incurred by the tenant during removal work.
On the amount, the Chair estimated and discussed a figure “about $6,000 or $6,500,” and a staff speaker later specified the line-item total as "$6,516." A committee member moved to authorize, ratify and confirm the 2nd amendment and to authorize the Chair to execute related documents; the motion was seconded and passed unanimously.
The Chair said the intention is for Larry Pierce to temporarily front the payment and later be made whole at closing; that payment would be reflected in the purchase accounting at closing with the seller.
