The major changes to the contract that was originally tabled during a meeting Tuesday include the city receiving the deed for 74.31 acres of the property, worth $1.6 million, after investment company Structured Equity Advisors in Newport Beach, Calif., closes on the real estate.
The city of Lamar will still put $1.5 million of its reserve funds into a special escrow account that will also hold future funds of a tax- increment -financing (TIF) district . The city will still reimburse SEA out of that fund for work done to the property.
The council had delayed action on the measure after questions arose about Polymer-Wood Technologies, the company which is scheduled to be the first tenant in the building.
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