$22 Million: BCC Receives an Updated Purchase and Sale Agreement (PSA) for 290 Acres at OLF 8 by Beulah TownCenter LLC

Conceptual Image of Beulah TownCenter, LLC's development plan for 290 acres of OLF 8

Commissioners were notified late yesterday afternoon of the receipt of a revised offer from Beulah TownCenter LLC for purchase of 290 acres of OLF 8.  The new, 25 page offer ups the good faith deposit to $500,000.00 cash and a $500,000.00 Letter of Credit.  The new due diligence period is 6 months, with an option to extend.  And the new purchase price is $22 Million Dollars for the 290 acres, or $75,862 per acre.

The BCC will be discussing this latest offer from Beulah Town Center LLC at our Thursday meeting.

Some very positive aspects of this offer:

1.  Adhearance to the Master Plan

2.  Leaving 250 Acres on the northern portion of the land for job creation

3.  Retail and Restaurants on the frontage, along with potential for a big box, big name retail store that everyone will celebrate

4.  A Town Center amenity for the community

5.  Area set aside for addition of Tennis Courts adjacent to NFCU's park facility

6.  New revenue for the county via the development of the field which currently generates zero property tax or other revenue for the County.

Some issues which must be worked:

1.  Funding for the design and construction of the Boulevard Entrance

2.  Top line price

3.  Working out the escrow agreement and when the deposit goes "hard."  Exhibit "C" was blank....

I look forward to the discussion this Thursday.  Could be a big step forward for our county!

Read the 25 page PSA here