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Lamar’s agent submits non-binding letter of intent to buy Highland parcel for $600,000
Summary
A Lamar/TLC Properties representative provided a non-binding letter of intent offering $600,000 for the town parcel under a Lamar sign; the letter asks the council president to sign a letter of intent so TLC can order a survey and begin due diligence with a target close date of Aug. 31, 2026.
A representative for Lamar Advertising introduced a non-binding Letter of Intent on July 6 proposing that TLC Properties purchase the Town parcel that currently hosts a Lamar sign for $600,000.
The letter, signed by Shawn Pettit (Real Estate Manager, Northwest Indiana, Lamar Advertising), states: "this letter of intent represents the basic terms for an agreement that shall be considered non-binding whereby TLC Properties, LLC ('TLC') and the undersigned ('Seller') agree to enter into an agreement to be granted a License on the real property located at [parcel]." The letter sets a target close date of August 31, 2026, conditioned on TLC's satisfaction with title, survey and permitting.
Shawn Pettit told the council he was authorized by TLC to revert to last year's offer of $600,000 if the town would sign the letter of intent; he said signing would allow TLC to order a survey and start the purchase process. Council President George Georgeff counter-signed an acknowledgment of the letter, and the item was to be added to the plenary meeting agenda for further action.
No formal sale was completed at the study session; the LOI is non-binding and contingent on TLC's diligence.
