The City of West Branch and Lynch’s Excavating, Inc. closed on the Cookson Property on Wednesday, Dec. 19, according to information from City Hall.
Lynch’s Excavating, Inc. provided a $5,000 check to the City. City office staff contacted Springdale Agency to cancel the Cookson Property from the City’s liability insurance policy as of Dec. 19.
City staff has also sent an invoice to Lynch Excavating for $552 which represents the recording and abstract costs on the property.
While Lynch’s Excavating, Inc. now owns the property, City staff will continue to monitor the progress of the project at Cookson to ensure that Lynch’s fulfills the terms of their development agreement.
The three phases of the agreement include acquisition of the property, demolition of the building, and development of the property.
As soon as the City receives the $552 check for closing costs, the acquisition phase will be complete.
The demolition phase of the agreement is to be completed by March 20, 2013, or no later than June 20, 2013 if there are delays due to weather or other temporary physical conditions.
The final phase of the agreement would start when the City receives a proposed plat from Lynch’s excavating, which will take place by June 20.