Title
Staff Update, Board Discussion and Possible Action Regarding the Purchase and Sale Contract with Seefried Industrial Properties, Inc. for the Sale of 53.045 acres of MEDC Owned Land South of Easy Drive
Requested Action
Consider approval of the Purchase and Sale Contract with Seefried Industrial Properties, Inc. for the sale of 53.045 acres of MEDC owned land south of Easy Drive.
Recommendation
Approve the Purchase and Sale Contract with Seefried Industrial Properties, Inc. for the sale of 53.045 acres of MEDC owned land south of Easy Drive.
Description/History
At the July Board meeting, the MEDC Board executed a Letter of Intent to enter into a Purchase and Sale Contract with Seefried Industrial Properties, Inc. for the sale of approximately 50 acres of MEDC owned land south of Easy Drive, identified as part of the Mansfield International Business Park (MIBP). The final Purchase and Sale Contract has now been drafted and approved by MEDC legal counsel. Seefried will actually be acquiring 53.045 acres at $2.75 per sq. ft. for a total sales price of $6,291,610 ( calculated on net useable acreage of 52.522 acres) with a 2% commission to the broker. Seefried's intended use for the property is the construction of an approximately 200k sq. ft. distribution center for a client who will remain anonymous at this time due to an executed Non-Disclosure Agreement with the City. The anticipated investment for this project is between $35 - $45 million and it will create approximately 200 new jobs. Seefried and their client will not be seeking incentives for the project.
MEDC actually owns approximately 77+ acres of land, so the remaining 25 acres consists of a regional detention area, drainage, utility and access easements as identified in the exhibit attached to the agreement. Approximately 20 acres (green area on Exhibit) will be transferred to a Property Owners Association (POA) who will have shared responsibility for the maintenance of the drainage channel ...
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