Purchase Agreement May Help Revitalize Area

On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Commercial Real Estate on Friday, September 9, 2016.

In 2013, several different properties in an area outside California entered foreclosure. Those properties comprise what is slated to be a potential business park. The land covers approximately 26 acres. A request has been submitted to the local city council to approve a purchase agreement. Many say that by purchasing the property and opening new businesses there, it will boost local economy and rejuvenate the community.

Discussions to revitalize the area began to surface in 2012. Groffre Investments entered a purchase agreement to acquire the property. At some point, the Community Improvement Corporation paid more than $560 to cover filing costs on the foreclosed properties. A project to clean up the recently foreclosed property area and launch various phases of the project has accrued expenses exceeding $3 million.

A community business manager says the Community Improvement Corporation and others have done everything possible up to this point. It is now time for the city to make a decision as to the details of the purchasing agreement. In the meantime, there may be others interested in acquiring the property as well.

A local developer says there are two businesses interested in purchasing the land. Anywhere from 70 to 105 new jobs may come into existence if a purchase agreement is finalized. A morning meeting is scheduled for mid-September in the city hall. When commercial real estate issues are being discussed, California business owners want to make sure they have clear understanding of all state and federal laws that pertain to such matters. Any questions or concerns may be addressed through experienced guidance from a business and commercial law attorney.

Source: cantonrep.com, "Canton CIC recommends purchase of former Weber Dental site", Kelly Byer, Aug. 31, 2016


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