The Anna Community Development Corporation's board is set to vote Thursday evening on a contract to buy about 3.963 acres for $1,812,596.94 in cash, a purchase city staff tie to the overall redevelopment of downtown Anna.
The price works out to $10.50 a square foot on 172,628.28 square feet, according to the contract in the board's Nov. 5 packet. The deal carries no seller financing, and the staff summary says the property would help bring new and expanded business downtown.
The packet does not include the tract's legal description or a map, so the land's exact location was not public in the documents posted for the meeting.
An estate with several owners
The seller listed on the contract is one of the heirs, who signed it Oct. 29. The document says the land, called the Estate Tract, is owned by various heirs of a family estate, and that he can convey only his own interest. He is responsible for collecting the other heirs' signatures on a joinder.
If every heir's share cannot be conveyed at closing, the contract becomes void. As an alternative, the corporation may close with the heirs who signed and then acquire any remaining interests "through the exercise of eminent domain," the contract states.
