This is what was passed out to Councilors two hours before meeting last Tuesday night.
Clearly by the name, it is not binding. Friday we read how the land has been transferred, but we are confused by "Timing of Land Transfer" as stipulated in paragraph 6.a) and 6.b) on page 6 of the "First Amendment to the Amended and Restated Letter of Intent".
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Editor's note: In fact so much so, that yesterday we put up a post that we took down since it was wrong.
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We believe today we have it right today, we hope?
At the same time it makes us question, how much time did the City Councilors have to review this getting it two hours before the start of their meeting..
Here is how we see it:
- Madison conveys WG North (ballpark land) in its entirety to the WRA.
- The WRA immediately deeds it back to Madison in the form of an "escrow deed"
- WRA will convey the Left Field Building Site (LFB) within ten days following the approval of the modifications of this letter.
- Since it was approved September 22nd, the 10th day is October 2nd
- LFB site will be conveyed "in accordance with the terms of the Development Agreement (which the Parties agree to use their best efforts to be done by September 30th).
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Question: What happens if we can not come up with a "Development Agreement" to convey the LFB site to Madison?
Answer: Madison can unilaterally instruct the escrow agent to record the deed.
In essence Madison would get WG North (ballpark land) back.
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It will be very difficult to include any "legal remedies" in the conveyance of the LFB site to Madison.... A deed is escrow that gives them back the WG North land is a good chip to have .
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