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DDA unanimously approves fifth amendment to Purchase & Sale Agreement with Greystar
Summary
After attorneys for the DDA, Greystar and Vantage reconciled bond and PSA language, the board voted unanimously to approve a fifth amendment to the purchase-and-sale agreement; the amendment extends the bond-approval window and resolves several environmental and materiality issues, the chair said.
The board voted unanimously on Feb. 24 to approve the fifth amendment to the purchase-and-sale agreement with Greystar Development East, LLC, after the chair told members that attorneys from both sides had met and ‘‘took care of just about everything including the environmental concerns we had.’’
The chair said attorneys reconciled bond-leasing language and that remaining matters on transfer of equity and materiality thresholds were expected to be resolved within a week or two. The amendment includes an extension of the bond-approval period to April 30 to accommodate outstanding language and timeline adjustments.
Board members discussed a provision in the draft that had assigned FAA review to the LDP rather than site approval; the chair and others clarified that FAA review is not a DDA requirement, though Greystar may seek a letter from the FAA for lender comfort. The chair also said additional earnest money is expected to arrive in a few days.
