2018.12.20 Council Agenda Item 01
Summary
Orders to execute all documentation and approve a supplemental appropriation and transfer of $575,000 from unassigned fund balance to be used for the costs associated with the purchase of land known as Tidewater Village #5 and Tidewater Farms #1, #2, and #3.
A public comment period will be included (3 minutes per person).
ACTION: Council action is anticipated.
Description
The attached orders authorize the Town Manager to 1. purchase the properties known as TV5, TF1, TF2, and TF3 within the Tidewater Master Planned Development District, 2. sell the properties known as TF1, TF2, and TF3 to the Falmouth Land Trust, and 3. approve the supplemental appropriation for the funds necessary to purchase the property.
At their meeting on December 10, 2018 (click here to review that item) the Town Council reviewed all the documents connected to the project including the Purchase and Sale Agreement; Memorandum of Understanding; Escrow Agreement; Mortgage Deed, and Promissory Note and reached an informal agreement on the terms. The final versions of all those documents are attached below.
