Beulah TownCenter, LLC yesterday submitted a proposed purchase agreement for 290 acres of Outlying Landing Field 8 in the Beulah community, adjacent to Navy Federal Credit Union’s campus.
The developer agrees to pay $22 million, while leaving the remaining land for economic development. They will give the county $500,000 cash within five days of the effective date. Upon completion of inspection, Beulah TownCEnter will depoist an additiona $500,000 in escrow with Clark Partington law firm and issue the escrow agent a $500,000 irrevocable Letter of Credit.
The new due diligence period is six months, with an option to extend. See PSA OLF 8 – Beulah TownCenter LLC offer.
County Commissioner Jeff Bergosh lists on his blog what he considers as the positive aspects of the agreement. Read here.
The Board of County Commissioners will discuss the agreement on Thursday.
