City of Petersburg Council Work Session July 2025
Agreement for Byrne Street Development with ACUNA PROPERTIES LLC
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Description
The City of Petersburg is considering authorizing the City Manager to execute a purchase and development agreement with ACUNA PROPERTIES LLC for 436 Byrne Street. This action would facilitate infill development and sale of city-owned land to an external developer, pending Council approval.
Contract Details
Vendor
ACUNA PROPERTIES LLC
Agency
City of Petersburg, VA
Contract Type
OTHER
Document Date
July 1, 2025
Contract Term
Due diligence period not to exceed 120 days; closing on or before 90 business days after due diligence; development agreement prior to deed transfer
Renewal Info
Due diligence period (120 days) and requirement for development agreement prior to deed transfer; reversion to city if not completed per agreement.
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