The story was reported earlier on Fox Toledo that the Dillin Corporation still had not given the City of Toledo the check for the Marina District. According to the last legislation by City Council, the “closing is to occur no later than July 30, 2009.” While the legislation also gave one additional 30 day extension, it’s not clear if an extension was granted…If it was granted? The clock is still ticking…with 24 days remaining.
The relevant text from the legislation passed by City Council:
The City agrees to convey to Developer the Development Site as are more fully described in Exhibit B, attached hereto. Developer agrees to pay the City $3.6 million for the Development Site. This payment shall be due at Closing and shall be paid by certified check or other method acceptable to the City. Possession of the Development Site conveyed pursuant to this Section shall be delivered to Developer at Closing. Provided that Developer’s conditions to closing have been satisfied, closing is to occur no later than July 30, 2009, which may be extended for a period not to exceed 30 days upon mutual agreement at the request of either party hereto. Developer’s obligations to close are subject to the following: (a) title to the property to be conveyed to Developer shall be free and clear of liens and encumbrances, except those which would not hinder or prevent Developer’s intended use or the resale of the property or a portion thereof to a third-party and the City will use its best efforts to assist Developer with the release or termination of easements and restrictions that would hinder its development or sale of the property or a portion thereof; (b) the City shall have made application with the OEPA for a No Further Action letter as provided by Section 2.09 above and shall be diligently pursuing the issuance of the NFA and a Covenant Not to Sue; (c)Developer shall be satisfied that no mechanics’ or materialmens’ liens have or will attach to the property to be conveyed to Developer