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DFS Council approves sales agreement on city hall

Jan 3rd, 2014 | 0

By ALICIA LEONARD
The DeFuniak Springs City Council met in a special session at 2 p.m. on Dec. 27, 2013 to discuss two issues that city attorney Clay Adkinson had been in negotiations  with Crim Development over since the Council first approved the sale on Dec. 9, 2013.
The first concern over the payment of tax document stamps relating to the sale was picked up by Crim for a cost of a little over $20,000, sweetening the pot a little for the city since they would not be responsible for the amount at sale.
The second concern over the lack of “mutual” specific performance by Crim with regards to the sale was not something representatives from the company would agree to. Crim has the ability to stay in the contract for 179 days, and then walk away if unable to develop the property without paying the $20,000 (a $10,000 increase was also part of the new offer) in earnest money under the terms of the contract. The city will not have the same option of leaving the contract early if another prospective buyer comes along. After 180 days, the city is entitled to the earnest funds if Crim fails to fulfill the contract.
Council members, some with real estate experience, mentioned specific performance is not unusual with commercial sales. Representatives for Crim told the Council that as developers, they have many clients they would shop the    property to, but were never sure which would decide to move into a new development and for this reason, they had to be more conservative and careful where mutual specific performance in a contract was concerned.
After much discussion, the Council moved 4-0 to accept the changes
in the agreement and start the process to sell city hall. Mayor Pro Tempore Henry Ennis signed the amended agreement in place of Mayor Bob Campbell’s absence due to illness.

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