SUBJECT/RECOMMENDATION:
Title
Approve extension of closing regarding PSTA land exchange. (consent)
Body
SUMMARY:
On October 6, 2022, the City Council approved an exchange agreement with the Pinellas Suncoast Transit Authority (PSTA). Pursuant to the exchange agreement, both the City and PSTA have been performing due diligence in advance of closing.
Through due diligence, moderate environmental contamination has been discovered on both sites. PSTA and the City jointly propose an extension of time for closing as both parties work toward resolving the environmental issues.
While the current agreement contemplates a closing by the end of June, this amendment will extend the date of closing until the end of October. If the parties resolve the issues sooner, then closing will be scheduled sooner.
APPROPRIATION CODE AND AMOUNT: N/A