- 7 -
offered to purchase for approximately $17 million, but the final
price would depend upon the number of residential lots approved
for building; (b) Braddock & Logan offered $150,000 per acre; (c)
Greystone Homes considered dividing into 5 parcels, each
consisting of about 18 acres. After negotiations with several
developers, a two-stage closing was offered to Ponderosa, under
which 44 acres would close in 36 months, and 44 acres would close
no more than 60 months from the date of the agreement. It was
expected that Pleasanton would scrutinize any development plans
for Busch property and that necessary approval would take as long
as 2 to 3 years. The offers from developers, including the one
from Ponderosa, were not to be closed in less than 90 days and
anticipated that the property would be approved by Pleasanton for
residential development.
On June 30, 1994, the coowners of Busch property entered
into an Agreement of Purchase and Sale with Ponderosa, at a base
price of $150,000 per acre. After the coowners of Busch property
each retained a 1-acre building lot, the remaining property was
to be broken into two portions, approximately 44 acres each, and
delineated as the “Dana Property” (Dana portion) and the “Busch
Property” (Busch portion). The agreement was designed to provide
for separate closing for each portion, with the Busch portion
closing last. The purchase price was variable depending on time
and/or the number of building lots approved. The price was to
increase 9 percent annually from the first closing to either the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011