CCA has already paid for two extensions on their Option Agreement
for land purchase.
The
Second Extension Term
was paid for in March 2010
and forwarded to the land owner.
Here’s video of
Col. Ricketts announcing it to
the VLCIA board 15 March 2011.
That second extension expires 13 March 2012, six weeks from today.
A Third Extension Term is possible, but has to be negotiated. Here’s what Purchase and Development Agreement of 17 August 201 says:
1.4.2.3. Third Extension Term. The Authority shall use commercially reasonable efforts to obtain an option for a third extension term of twelve (12) months (the “Third Extension Term“). In the event the Authority is able to obtain such extension option on terms and conditions such that any required earnest money to be paid by the Company in connection with the exercise of such extension option does not exceed $75,000, and there is no increase of the price of the Site or any other payments not already required by the Option Agreement, then the Authority shall enter into a written agreement (the “Third Extension Term“) with the Seller reflecting the terms and conditions of such extension option….What happens if the Authority does not provide such an extension option? Continue reading










is popular with some elected & appointed officials “We’ve been chosen. Now
go away & don’t ask any questions about what we are doing until it’s time
to vote again.” I don’t think all the individuals share the attitude,
but some do & over time it has become standard procedure. Hopefully,
as more citizens pay attention & ask for more insight procedure will
adjust. There is a reason for open meetings & sunshine laws & it’s not
so citizens can listen to or read about decisions based on information
they are not allowed to hear or observe.
