Proposal to purchase the Edward M



May 27, 2016

Charlotte-Mecklenburg Historic Landmarks Commission

2100 Randolph Road

Charlotte, North Carolina 28207

Attention: Dr. Dan L. Morrill

Re: Old Rozzelle’s Ferry Road

Dear Dan:

The purpose of this letter (the “Letter”) is to make a proposal to purchase the property described below. This Letter is not binding on any party.

|Seller: |Mecklenburg Historic Landmarks Commission |

| | |

|Buyer: |John Lindsley or an entity controlled by John Lindsley |

| | |

|Property: |The total land area is 6.019 acres and consists of the following six parcels of property: PID |

| |03122254 (2.088 acres at 11647 Old Rozzelle's Ferry Road); PID 03122256 (0.777 acres at 11625 |

| |Old Rozzelle’s Ferry Road); PID 03122255 (0.644 acres at 11637 Old Rozzelle’s Ferry Road); PID |

| |03122253 (0.52 acres at 11657 and 11659 Old Rozzelle's Ferry Road); PID 03122252 (0.6 acres with|

| |no assigned address); PID 03122258 (1.39 acres at 11601 Old Rozzelle's Ferry Road, currently |

| |being acquired by the Commission from the federal government) |

| | |

|Purchase Price: |$270,000 |

| | |

|Earnest Money: |$2,500 |

| | |

|Financing: |100% Seller-financing to be provided with a five-year balloon mortgage with monthly payments |

| |made at a 30-year amortization rate at a fixed interest rate of 3.5% per annum with payments to |

| |be made beginning one year after closing. |

| | |

|Inspection Period: |Buyer shall have 120 days from the effective date of the definitive purchase contract in which |

| |to perform its investigations and due diligence (the “Inspection Period”). The Purchase Price |

| |reflects that Seller will not be required by Buyer to bring the tavern up to residential code. |

| | |

|Closing Date: |Closing shall occur within 30 days of the expiration of the Inspection Period. |

| | |

|Project / Zoning: |The Property is presented zoned as MX-2. Buyer intends to have the property rezoned following |

| |closing to a classification that will permit both commercial and residential uses on the |

| |Property with the residential uses being both single and multi-family structures. It is |

| |important that there not be restrictions on the distances between commercial and residential |

| |structures, such as are currently in force under MX-2 (100 feet). Buyer shall file a rezoning |

| |petition within 30 days after closing. Buyer will diligently pursue rezoning and shall have one|

| |(1) year (the “Entitlement Period”) to complete the rezoning. If Buyer is not able to have the |

| |Property successfully rezoned to a satisfactory (in Buyer’s sole discretion) classification |

| |during the Entitlement Period, Buyer shall have the option but not the obligation, to require |

| |Seller to repurchase the Property for the Purchase Price. |

| | |

|Restrictions: |There are five existing structures, four of which are currently contributing to the historic |

| |status: the Edward M. Rozzelle house, well, corn-crib, and log-barn. None of these can be torn |

| |down, but we do have the option of moving the corn-crib and/or the log barn to another location |

| |on the property. |

| | |

| |The Property will be subject to Seller’s customary covenants (which shall be disclosed during |

| |the Inspection Period) including approval of, and design review for, any future structures built|

| |on site, and right of first refusal on any future sale of the existing historic structures, but |

| |no right of first refusal on the sale of land or any additional structures that might be built. |

| |During the Entitlement Period, Seller should, subject to the necessary design review, |

| |pre-approve the commercial re-purposing of the house as a tavern, and the building of at least |

| |15 townhouses and/or single-family homes on the “main tract”. The additional parcel fronting |

| |the main road (i.e., 11601 Old Rozzelle's Ferry Road, currently being acquired by the Seller) is|

| |the subject of a recent ordinance and is now also designated historical, and subject to design |

| |review. During the Entitlement Period, Seller should, subject to the necessary design review, |

| |pre-approve the commercial and/or residential use of the additional parcel. If Buyer is not |

| |able to obtain satisfactory (in Buyer’s sole discretion) Seller pre-approvals during the |

| |Entitlement Period, Buyer shall have the option but not the obligation, to require Seller to |

| |repurchase the Property for the Purchase Price. |

| | |

|Extensions of Closing: |Buyer shall have the right to extend the Closing Date 2 consecutive times for a period of 60 |

| |days each. Simultaneously with each Extension, Buyer shall deposit an additional $2,500 of |

| |earnest money with the escrow agent prior to the currently scheduled Closing Date. This |

| |additional earnest money shall not be applied to the purchase price and shall not be refundable |

| |(except in the event of a termination due to condemnation, casualty or Seller’s default). |

| | |

|Closing Costs: |Seller will pay transfer taxes (i.e., deed stamps), the costs of its attorney, and all |

| |assessments, rollback taxes and other deferred taxes. Normal ad valorem taxes will be pro-rated|

| |on a daily basis as of the date of closing. |

| | |

|Real Estate Commissions: |Neither party is being represented by a broker on this transaction. Accordingly, neither party |

| |shall be responsible for the payment of any real estate commissions. |

| | |

If the foregoing is acceptable, please sign and date this Letter in the space provided below and return a signed copy to me. I would welcome an opportunity to talk to you about any questions and concerns about this proposal.

Very truly yours,

John Lindsley

Acknowledged and agreed:

SELLER:

CHARLOTTE-MECKLENBURG HISTORIC LANDMARKS COMMISSION

By: __________________________

Name: __________________________

Title: __________________________

Date: __________________________

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