...title
ITEM: APPROVAL OF THIRD 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 DECEMBER 9, 2025
REQUEST: Approval of Third 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 December 9, 2025.
...body
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. On September 16, 2025, Council, in its capacity as the Acme Board of Supervisors, approved the Second Amendment to Purchase and Sale Agreement, extending this deadline to November 30, 2025 (which, since such date falls on a Sunday, had the effect of extending this deadline to December 1, 2025) ("Second Amendment"). The Second Amendment was made based on the Village Staff and Purchaser having ongoing discussions about alternative plans for the Reservoir and the need to amend the corresponding terms in the Related Ross PSA to reflect the final agreed to terms before the end of the Inspection Period. Under such alternative plans, Related would purchase the land at the agreed up...
Click here for full text