The board, which approved the sale offer unanimously, received two formal offers for the property prior to last week’s deadline: $2.4 million offer from LANE4, and $4.35 million from the RED group.
RED upped its final bid $350,000 from the $4 million offer it had submitted prior to the board’s last meeting.
The proposal accepted by the board includes a 45-day due diligence period, during which the developer can walk away from the deal for any reason. LANE4’s offer did not include a due diligence period, meaning they would have been bound to purchase the property regardless of anything that might come up during inspection.
District attorney Curt Tideman of Lathrop and Gage said that if the RED group were to walk away from the deal, the district would remarket the property.
“We know there are still other interested parties out there,” Tideman said. “We had people call and ask if the board would consider offers submitted after the deadline. So if something were to happen, we know there are other people who would like to consider purchasing it.”
The contract for the sale will be signed and delivered today.