2018.12.10 Council Agenda Item 05
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. The Council then met on November 14, 2018 to discuss final language in a number of documents including all those attached below. Those documents are now in their final form.
The documents 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.
The objective for this Council meeting is to reach informal 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 Land Trust later that same day.
