Hello All.
We received the final, signed purchase and sale agreement on Monday, June 22. Whew.
While you cannot share the full details of the deal, especially the purchase price, as it is CONFIDENTIAL and could cause serious issues with our process, here are some points you can discuss publicly:
Our earnest money deadline has been shifted due to delays, to July 6 and I need your help making introductions.
The owners have made a very fair deal with Telluride Arts.
Key mechanics of the proposal include:
- The donation of 3,000 sq ft of the property, which is half of the footprint.
- They are deed restricting the property for community use, which significantly reduces the price well below market value
- They are restoring the building to it's historic condition and delivering to us a "white shell", with a floor, roof, doors, windows and the utilities brought to the building.
- We plan to extend the agreement to include a full build-out once we know the specific space needs of the community.