The Anna Community Development Corporation is set to decide Thursday, Nov. 5, whether to buy about 3.963 acres for $1,812,596.94 in cash, a purchase staff say would promote new and expanded business as part of the overall redevelopment of downtown Anna.
The agenda packet for the joint meeting of the city's Community Development Corporation and Economic Development Corporation was posted Friday morning. The boards meet at 6 p.m.
The land deal
The contract, with a private seller, describes the property as the "Estate Tract." Its price works out to $10.50 a square foot for 172,628.28 square feet, according to the document, and it can change only if a survey turns up a discrepancy and both sides sign an amendment. The deal carries no seller financing and does not depend on a loan.
The packet does not include the tract's legal description or say where the land is.
Ownership is split among the heirs of an estate, the contract says. The seller can convey only his own share and must get the other heirs to sign on at his own cost.
If every heir's interest cannot be conveyed at closing, the contract becomes void, or the development corporation can choose to close with the heirs who signed and acquire the remaining interests through eminent domain.
The development corporation would put down $10,000 in earnest money and would then have a 60-day feasibility period to review title, the survey and the condition of the land, with the right to walk away for any reason during that window. Closing is set for 15 days after that review period ends.
The resolution would authorize the board president or vice president to sign once the corporation's lawyer approves the contract's form. Any material change to the property, price or the corporation's obligations would have to return to the board.
