Board Approves $500K Funding for 1 Baker Street Due Diligence
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Description
Excel Academy Board approved up to $250,000 for due diligence and a $250,000 refundable deposit, with funding to be made available through a new 0% interest promissory note from Friends of Excel for the potential acquisition of the 1 Baker Street property. The deposit becomes non-refundable in stages through March 2024.
Contract Details
Contract Amount
up to $250,000 due diligence budget plus $250,000 deposit (refundable as per schedule)
Vendor
FRIENDS OF EXCEL
Agency
Excel Academy, TX
Contract Type
FINANCIAL_SERVICES
Document Date
September 14, 2023
Contract Term
deposit schedule: Sept. 18, 2023 (initial), non-refundable portions increase on Dec. 1, 2023; Jan. 1, 2024; Feb. 1, 2024; March 1, 2024. Due diligence & deposit period through March 2024.
Renewal Date
2024-03-01
Renewal Info
Promissory note is newly established for this specific transaction; renewal is subject to further Board action if the acquisition progresses.
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