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City will make split payments on Indian Spring purchase: $28.48M at closing, $3.72M at lease end
Summary
Officials said the $32.2 million purchase is split into an initial $28,480,000 payment at closing and a $3,720,000 payment on March 31, 2026, when the leaseback ends; closing costs are capped at $100,000.
City and district presenters described the purchase price and a two-release payment schedule as part of the transaction framework. Tom Bach and Deidra Amerson explained the escrow and payment timing that separates most of the funds at closing with a smaller release at the end of the leaseback.
"The 1st is at closing, the $28,480,000, and then the 2nd payment will be made, the $3,720,000 will be made, on March 31 at the end of the leaseback period," Tom Bach said. Amerson supplemented that closing costs for the transaction would be up to $100,000.
