LACONIA — City Manager Scott Myers said yesterday that the transaction conveying the city property now leased by Lakeport Landing, LLC to Irwin Marine has not yet been completed.
He said the attorneys for the city and Irwin Marine are "working through the details" of the transaction, which was approved by City Council on June 8. The marina agreed to pay $528,000 for the 0.81-acre strip of land and the 9,840-square-foot building the was constructed on it by Lakeport Landing.
"It (the agreement) is in its final form," Myers said who was given permission from the City Council to negotiate and execute the agreement. "But we have not given the final okay or executed it yet."
The questions about the timing of the actual transfer have become relevant because Erika Blizzard, the owner of Lakeport Landing, LLC., has filed suit in Belknap County Superior Court to ask a judge to review and rescind the City Council's actions in selling the property to Irwin Marine. Blizzard has questioned the legitimacy of the bidding process.
He said some of the conditions of the sale are that Lakeport Landing, despite the fact its 30-year lease on the land expires in October, can continue to use the property and showroom it built for up to two additonal years.
The annual rent of $8,750 which he said was renegotiated about five years ago, will continue to flow into the city coffers from Lakeport Landing in two yearly installments.
Myers said Irwin Marine will have a binding purchase and sales agreement in its possession and will be allowed to close the sale once the property has been vacated. The city will hold an undetermined amount of money in escrow until the final conveyance is completed.
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