Extend Point Molate development deal deadline by 2 months
In Plain English
The city signed a land sale agreement with Upstream Point Molate in 2009 for property development. The original closing date was January 15, 2010. If approved, the developer gets until March 15, 2010 to complete the purchase.
Auto-generated summary. Source: official agenda documents.
Votes
Approve the Third Amendment to the LDA, extending the closing date to March 15, 2010
4 to 3
Direct staff to prepare a letter to Upstream informing them that they are in default, they have not provided bank financial statements for the required time periods and the City of Richmond will go forward with the 60-day period to cure the default and if the default is not cured in 60 days, the Agreement will be terminated
2 to 3
Call for the question to terminate debate
3 to 4
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