[StBernard] Review of Provident/Meraux Purchase Agreement

[Westley Annis]

Review of Provident/Meraux Purchase Agreementby DanaArcement
<http://connect.nola.com/user/DanaArcement/> , 05/12/11 3:45 AM 

 

In review of the Purchase Agreement between Provident Realty (Purchaser) and
the Meraux Foundation (Seller), for the sale of the property located on St.
Bernard Highway (across from the Battlefield), the following provision is
specifically stated:

"The parties acknowledge that Purchaser intends to submit an application to
the State of Louisiana for development of the Property as an affordable
housing project."

This Purchase Agreement was signed and accepted on July 22, 2008, confirming
that the Meraux Foundation knew exactly what Provident Realty Advisors were
intending to develop on this property since July 22, 2008.

Also reflected on this Purchase Agreement, under "Additional Terms and
Conditions" of this sale, it reads: "This sale is conditioned upon
Purchaser's purchase and development of property commonly known as 'Randazzo
Virtue' site; 'Meraux Airport' site and the 'Meraux Patricia Drive' site.

Interpretation: Provident Realty needed to purchase all four of these sites
as a package deal, or the Sellers (Meraux Foundation and the Torres and
Randazzo Families) wouldn't sell any site. All sites were tied to each other
and would only be sold as a package deal.

N.O.W. you know. s/Dana Arcement