The county and the buyer of the Art Jerome property (former jail site on the blvd.) are scheduled to close on the 25th of April. The buyer is reportedly having trouble raising the cash to close the deal and is trying to get more time. The deal was on quicksand from the outset but was the only bid the county received for the property. Now it looks like the buyer will forfeit his earnest money deposit of $25K and the county will have to put the property back on the market. Final appraisals were due today to give some negotiating room for the buyer to close the deal.
It will be interesting how all of this will be viewed by the taxpayers. Meanwhile, we can all wait in anticipation for the state of the county address due the end of this month. The Deciders at 1115 Albany Street have to be wondering how this gala event will happen given the lack of good news to report on just about everything that has not gone according to their expectations.
No plan to manage growth and courthouse needs, no vision about what the public expects, and no political will, make for a trifecta of unrest in the court of public opinion this election year.
Happy April 15th to everyone...
Tuesday, April 15, 2008
1 comment:
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ReplyDeleteRegarding your comments on the Jerome Purchase; They are flawed!
First, you are correct, the property is under contract and is scheduled to close on April 25.
However, no quicksand is part of this transaction.
Funding for the purchase "has been and is secured." We are now challenged to complete the due diligence as required by the lender and underwriter within the time agreed to close the sale. These requirements have been very complex and some require more time than we originally scheduled.
It is without reservation that this transaction will be closed; if sufficient time is available for the buyer to comply with the requirements of the underwriters.
Make no mistake, this buyer fully intends to close this transaction.
As you know, the current lending conditions are gyrating daily.
However, the buyer has multiple funding options by which to close this purchase.
Our objective is: optimize those lender choices and secure the best funding for the project, period.
This property will be sold.
Those are the facts.