Newtown News of Interest
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The #NewtownPA Sewer Authority Land Sale: The 75-Day “Due Diligence” Clock Is Ticking

The #NewtownPA Sewer Authority Land Sale: The 75-Day “Due Diligence” Clock Is Ticking | Newtown News of Interest | Scoop.it

The Abandoned Sewer Waste Water Treatment Plant (WWTP) Land Sale

 

During a 75-day "Due Diligence" period, the buyer - DeLuca Newtown LLC - and its employees, agents, and contractors have the right to study and investigate the property — including the survey and title commitment — to determine whether the property is suitable for the buyer’s contemplated use.

 

The agreement also anticipates possible Township involvement during the due diligence period.

 

During due diligence, the buyer may:

✓ Submit a Sketch Plan.

✓ Request a meeting with Newtown Township's engineer, staff and township professionals.

✓ Submit a list of proposed variances, including ordinance citations and explanations of why the variances are required.

✓ Request a meeting with the Newtown Township Planning Commission.

 

johnmacknewtown's insight:

 

The due-diligence process may provide an early indication of what the buyer hopes to do with the property and what zoning relief it believes it will need.

 

A Sketch Plan and a proposed variance list could therefore be among the most informative documents to watch for.

 

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Newtown News of Interest
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