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Council authorizes town president to sign Lamar non‑binding LOI to pursue billboard parcel for $600,000
Summary
Council amended the agenda and authorized Town Council President George Georgeff to sign a non‑binding Letter of Intent from Lamar Advertising for a parcel on Wicker Avenue; the LOI states a $600,000 proposed purchase price and a target closing date of August 31, 2026, contingent on permits, title and survey.
The Highland Town Council voted to amend the agenda and instruct Town Council President George Georgeff to affix his signature to a non‑binding Letter of Intent from Lamar Advertising relating to property west of 10024–42 Wicker Avenue. The motion to add the item to the agenda and to authorize the president’s signature passed by roll call; the LOI was described in the record as non‑binding and contingent on due diligence.
The LOI from Lamar (TLC Properties, LLC) lists a proposed cash purchase price of $600,000.00 and an August 31, 2026 target closing date, "subject to timely acceptance of this offer by Seller and TLC's completion of diligence." The LOI explicitly conditions the transaction on Lamar’s satisfaction that the property can be used for an outdoor advertising structure and on title and survey review performed at Lamar’s expense. It also states that if Lamar determines the property does not suit its business needs, the LOI will be null and void.
The council record shows President Georgeff’s signature was authorized; the LOI remains non‑binding and any sale would require further approvals and the execution of a purchase agreement. The LOI identifies the parcel by tax parcel number in the record and requires both title and permitting steps before closing.
