Commissioners postpone decision on Paul Michael property; seller seeks extended earnest-money and price terms

Van Zandt County commissioners deferred a decision on whether to proceed with purchase of the Paul Michael property at 1930 North Trade Days Boulevard, directing staff to schedule a special meeting once a revised contract arrives from the seller's agent.

The county judge told the court the county had three options: do nothing and forfeit a previously deposited $60,000 earnest payment; execute the existing contract; or attempt to renegotiate. The judge said the seller's agent, Sam Dean, informed him the seller could not absorb the tax, insurance and interest costs that would accrue if the closing were pushed into the next budget year. According to the judge, the seller requested either an additional roughly $100,000 in earnest money to cover those costs or a $100,000 increase in the purchase price. The judge said the seller's calculation of the seller-side costs for four additional months came to about $158,000.

During public comment earlier in the meeting, resident Ronnie Jones urged the court to disclose details of the Paul Michael deal to the full commission and to the public, saying commissioners and the public should be informed if the county were to pay more than $4 million for the property.

Court members agreed to hold a special session to review the contract once the revised language is received. The judge proposed scheduling the special session the week after the meeting and directed staff to post the agenda following required notice periods so commissioners and the public have an opportunity to review the revised contract before making a decision.

No final purchase decision or contract execution occurred during the meeting.