Staff reported they have executed a letter of intent and are finalizing a purchase and sale agreement to acquire the Community Missionary Baptist Church property. Staff said the land purchase price under negotiation is $6,650,000 for the assemblage (roughly eight acres) and that $2,000,000 of the acquisition funding would come from a 2015 bond allocation previously authorized for property acquisition along the corridor. The remaining amount—about $4.65 million—was discussed as subject to an EDC financing approach (staff said the EDC has authority to hold or finance property to assist redevelopment).

Under the proposed structure staff described, closing would give the EDC two years of control while the church would retain the right to use the property for two years post‑closing. Staff said that structure effectively creates a temporary interest‑free financing window to identify development partners who could cover land cost and implement the character‑based plan. Staff noted environmental due diligence (Phase I environmental) and an updated appraisal were underway and that closing was targeted within approximately 120 days after completion of due diligence and final paperwork.

Staff cautioned that the purchase agreement as drafted deliberately did not make rezoning a condition of closing; staff said they did not want the city’s ability to acquire the land to be contingent on zoning outcomes and would retain flexibility to hold, market or collaborate with a private developer. Board members asked procedural questions about due diligence, appraisal updates and remediation contingencies; staff said a Phase I was under way and would trigger a Phase II only if indicators were found.

Staff framed the acquisition as securing two key corners and allowing phased redevelopment and infrastructure investments along Hampton Road and Beltline. The board had no formal vote to authorize purchase at this meeting (staff are finalizing documents consistent with council direction); staff said they expected to present closing documentation in the near term once due diligence completed.