2018.11.26 Council Agenda Item 09
Summary
Discussion about required documents that will need future action by the Town Council, which are associated with the transfer of certain land referred to as TF1, TF2, TF3 within the Tidewater Master Planned Development District to the Falmouth Land Trust.
A public comment period will be included (3 minutes per person).
ACTION: Council action is anticipated.
Description
Town staff and the Falmouth Land Trust gave a presentation on this proposal at the July 9, 2018 Council meeting and the Town Council approved a purchase and sale agreement to acquire the property at the October 10, 2018 Council meeting. Click here to review the materials from the July 9 meeting and Click here to review the materials from the October 10, 2018 meeting.
Council is now asked to review and discuss documents that will effectuate the transfer of land known as TF1, TF2, and TF3 within the Tidewater Master Planned Development District, to the Falmouth Land Trust. Those documents, attached below, include: Purchase and Sale Agreement; Memorandum of Understanding; Escrow Agreement; Mortgage Deed, and Promissory Note.
Town staff, the town attorney and members of the Falmouth Land Trust have been negotiating the terms of these documents for the past month. They will meet again on Monday, November 26 to reach agreement on a few minor, unresolved terms prior to the Town Council meeting. A report on those items will be provided at the Council meeting.
The objective for this Council meeting is to reach agreement on all documents and be prepared for a vote to execute all documentation and approve a supplemental appropriation at a Special Town Council meeting on Thursday, December 20 at 7:30 AM. The goal is to have the closing on the Town’s purchase of all property from the current owner that day and then immediately transfer TF1, TF2 and TF3 to the Falmouth Trust later that same day.
