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Commissioners conditionally approve addendum to participation agreement with Joe Mack LLC
Summary
County RDA commissioners voted to conditionally approve an amended participation agreement and trust deed to add acreage to a development site; counsel said the added land totals 40 acres at $10,000 per acre and the overall deal reflects $600,000 for 80 acres pending finalized documents.
County RDA members voted to conditionally approve an addendum to the participation agreement with Joe Mack LLC that adds land to an existing development and updates the accompanying trustee deed.
Counsel for Joe Mack said the company proposed an amended and restated participation agreement to include an additional 40 acres on the same percentage and pricing terms as the original deal. "The price for the additional 40 acres was consistent with the original previous participation agreement at $10,000 per acre," the counsel said, and staff said the parties will draft an amended development plan to reflect the change.
The motion to conditionally approve the amendment and to amend the trustee deed was made and seconded; the recorded votes were two ayes and the chair announced that the "motion carries" with the two recorded votes. Counsel clarified that the $600,000 figure reflects the combined purchase structure covering 80 acres and that legal descriptions will accompany the finalized documents.
The approval was explicitly conditional: staff and counsel said the counties and parties will draft the amended participation agreement and trust deed spelling out repayment and other terms before finalizing the sale and trustee changes. No detailed repayment schedule or final execution date was recorded in the meeting transcript.
