TITLE
Title
APPROVE THE PURCHASE AND SALE AGREEMENT BETWEEN STARLITE DEVELOPMENT CORPORATION AND GUILFORD COUNTY FOR PARCELS OF LAND LOCATED AT 925 AND 931 THIRD STREET IN GREENSBORO NORTH CAROLINA TOTALING 5.33 ACRES
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SPONSOR
Sponsor
Marty K. Lawing
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BACKGROUND
Background
Guilford County has negotiated the purchase of two parcels of land located at 925 and 931 Third Street in Greensboro that total approximately 5.33 acres with the current owner, Starlite Development Corporation. The property is adjacent to the county health and human services facility and a City of Greensboro police substation. The county plans to develop a behavioral health facility based crisis center on the property. The terms of the proposed purchase contract are as follows:
- The total purchase price of the property shall be $1,359,150.00 or $255,000.00 per acre.
- The County shall deposit Earnest Money in the amount of $25,000 with Escrow Agent Nexsen Pruet, PLLC within three (3) business days after the date of this agreement
- The closing shall be held on a date agreed upon by the parties , but in no event later than sixty (60) days following the Termination Deadline which is the period of time that the county shall have the right to terminate this agreement on or before that date that is ninety (90) days after the date of this agreement. ( Closing must occur within 150 days from the date of this agreement)
- Within five (5) days of this agreement, the Seller shall deliver to the Purchaser copies of any policies of title insurance issued in favor of the Seller or any predecessors in title for the property, any land surveys, any Phase I or Phase II environmental reports or any other communications from any governmental agency with jurisdiction over environmental matters affecting the property and any reports of soil analysis.
-The Purchase shall rely exclusively on its own independent investigation of every aspect of the property and not on any materials supplied by the...
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