Gardner preparing land-disclosure and purchase-and-sale agreements for Garbus property; state review required under urban renewal rules
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Summary
City staff said they are drafting a purchase-and-sale agreement and a land-disclosure agreement for the Garbus property; because the parcel lies in an urban renewal zone, the state and Housing & Livable Communities must review the disclosure before closing, staff said.
City staff updated the committee on the sale process for the Garbus property and said they are drafting a purchase-and-sale agreement and the required land-disclosure agreement. Because the property is in an urban renewal zone, the land-disclosure agreement must be submitted to the state and Housing & Livable Communities (HLC) for review and approval before it can be attached to the purchase-and-sale agreement and the transaction can close.
Why it matters: properties located within urban renewal areas are subject to additional disclosure and state-level review to ensure agreements conform to redevelopment requirements; that review has lengthened the sale timeline.
Status and next steps: staff said the land-disclosure agreement draft has circulated with the purchaser and the city attorney; once the city solicitor signs off staff will send it to the state and HLC for review and then finalize the purchase-and-sale agreement for closing. Staff said they will provide a fuller update after relevant executive sessions conclude and approvals are received.
Ending: staff asked the committee for patience and said they expect to report more details once state review and attorney signoffs are complete.