FACILITIESPENDING

Development Authority of Lawrenceville Agenda Packet 2026-06-25

Letter of Intent for Pike Street Parcels Signed with 12 Brothers

$1,500,000.00 (plus obligation to pay for and install traffic signal)City of Lawrenceville12 BROTHERS VENTURE CAPITAL LLCJune 25, 2026

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Description

The Development Authority of Lawrenceville executed a non-binding Letter of Intent with 12 Brothers Venture Capital, LLC to sell three Pike Street/Buchanan Street parcels for $1.5 million, with closing targeted for September 30, 2026. The purchaser will provide a $25,000 deposit, pay the remaining $1.475 million at closing, and fund installation of a new traffic signal on West Pike Street.

Contract Details

Contract Amount

$1,500,000.00 (plus obligation to pay for and install traffic signal)

Vendor

12 BROTHERS VENTURE CAPITAL LLC

Agency

City of Lawrenceville, GA

Contract Type

FACILITIES

Document Date

June 25, 2026

Contract Term

Closing and possession on September 30, 2026

Renewal Date

2026-09-30

Renewal Info

This Letter of Intent is explicitly non-binding and will be superseded by a future Purchase and Sale Agreement; no renewal or extension terms are specified.

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