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Staff reports first appraisal received for Eastfield Phase 2; second appraisal pending
Summary
Staff told the Milford Redevelopment Commission that one appraisal for Eastfield Phase 2 infrastructure has been received and a second is pending; staff said it is reasonable to expect closing by the end of the year if values align.
Staff updated the commission on Eastfield Phase 2 infrastructure acquisition, saying the first appraisal has been received and the second appraisal is expected soon. Staff member (S4) reported progress and said the commission should be able to close on the acquisition by the end of the year if appraisals and amounts support the transaction.
"We've gotten the 1st appraisal back," Staff member (S4) said, and added that the second appraisal is pending. Commissioners noted the developer has been intermittently in contact and that staff will continue to move the transaction forward and return with closing details once appraisals are complete.
