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ITEM: APPROVAL OF SECOND AMENDMENT TO ARTICLE 3, SECTION 3.2 OF THE PURCHASE AND SALE AGREEMENT WITH WELLINGTON PROPERTY OWNER LLC TO EXTEND THE DEADLINE FOR THE INSPECTION PERIOD TO NOVEMBER 30, 2025
REQUEST: Approval of Second Amendment to Article 3, Section 3.2 of the Purchase and Sale Agreement with Wellington Property Owner LLC to extend the deadline for the inspection period to November 30, 2025.
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EXPLANATION: Section 3.2 of the Purchase and Sale Agreement with the Related Ross entity known as Wellington Property Owner LLC ("Related Ross PSA"), initially contemplated that the Purchaser's inspection period would conclude on July 21, 2025, triggering a number of other requirements and deadlines, including the deadline for Purchaser to exercise its option to purchase the Reservoir parcel at the same price per acre as provided for the balance of the property. On July 16, 2025, Council, in its capacity as the Acme Board of Supervisors, approved the First Amendment to Purchase and Sale Agreement, extending this deadline to September 30, 2025 ("First Amendment"). The First Amendment was made based on the Purchaser's concerns about existing environmental conditions on the property and about incorporating Acme's current use into the stormwater management system for the project. Purchaser has been working with Village staff on an alternative plan for the Reservoir, wherein Related would purchase the land at the agreed upon purchase price, but rather than incorporate the functionality into the project's water management system, Acme would instead disconnect its infrastructure from the site and route its water elsewhere independent of the site.
The Related Ross PSA, as amended, currently specifies that the Inspection Period, and therefore, the deadline to exercise the Reservoir option, ends on September 30, 2025. Purchaser is seeking an additional extension to allow for its continued work with FDEP to address its concerns about existing environment...
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