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Page County EDA authorizes drafting of purchase agreement for Stony Brook Lane property
Summary
The Page County Economic Development Authority voted unanimously May 26 to have Botkin Rose draft a purchase agreement with William Metcalf for the 17.93-acre Stony Brook Lane parcel, including a $150,000 payment for the first 6 acres and conditions tying future land conveyance to $300,000 in assessed improvements.
Jonathan Comer moved May 26 that the Page County Economic Development Authority engage the law firm Botkin Rose to draft a purchase agreement with William Metcalf for EDA-owned property on Stony Brook Lane. The motion, seconded by Dennis Fleming, carried unanimously.
The proposed terms reported to the board said "the purchaser will pay $150,000 for the first 6 acres of the 17.93-acre parcel," and that "the remainder of the land [would be] gifted to Metcalf once $300,000 or more in assessed value improvements have been constructed on the property." The draft agreement will include covenants and restrictions requiring development that "will benefit the community," and will reflect that Metcalf will reimburse the EDA for fees tied to a special use permit application and $6,700 in survey costs. The motion was recorded as carried with members present voting in favor: Missie Deibert (Chairwoman), Bernie Miller, Sara Levinson, Bart Price, Dennis Fleming and Jonathan Comer.
Board members placed the item under the EDA's industrial property project update; the motion authorizes staff and counsel to prepare the formal purchase paperwork and associated covenants for future EDA review. No vote tally beyond the unanimous approval was amended or rescinded during the meeting.
