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Tuesday, March 30, 2021

BREAKING: Cold Spring Moves Ahead with Purchase of DAV Property

Cold Spring officials hope to close soon on purchase of the Disabled American Veterans property.

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by Robin Gee

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At a special meeting of the Cold Spring city council, members voted 4 to 0 to approve the purchase of the Disabled American Veterans (DAV) property at 3725 Alexandria Pike. Council member Cindy Moore was absent for the vote, and Adam Sandfoss abstained due to his employment with St. Elizabeth Healthcare.

This moves the ball forward as it authorized Mayor D. Angelo Penque to enter into necessary agreements and to proceed with the purchase.

Resolution outlines the history of the purchase

In a lengthy resolution outlining their intent to purchase, the city laid out its interests in the site and included a rundown of the situation since the DAV announced its move from the Cold Spring location.

The resolution highlighted city officials’ work to secure a health care provider, including St. Elizabeth Healthcare, which announced earlier they would build a facility on the property.

The resolution outlined a history of what has happened since the property went up for sale, explaining that after entertaining offers from various interested parties, including the Campbell County Board of Education, the organization chose Al. Neyer and entered into a purchase agreement with the developer. In turn, Al. Neyer entered an assignment of purchase agreement with the city.

The resolution also noted that the school board has filed eminent domain proceedings and seeks to condemn the property and refuses to acknowledge the assignment of the purchase agreement between the developer and the city of Cold Spring.

In an effort to move the purchase along, the city is seeking to authorize a final sale and set the closing on the DAV property, including authorization of any financing involved.

Accommodations for the DAV

The city acknowledged that the DAV may not be ready to vacate the site until its new national headquarters is ready for occupancy. Some of the language of the resolution addresses this issue by allowing for the organization to continue in their building under a lease after the purchase price is paid.

City officials also noted they are eager for Al. Neyer and St. Elizabeth Healthcare to begin planning toward the proposed health care facility on the site as well.

Resolved to authorize the mayor to move forward

City council authorized the mayor to execute all documents relating to the closing and purchase of the DAV property. These included any contracts, purchase agreements, deeds, closing statement, financial documents and any actions needed to purchase the property.

The city agreed to the $6.5 million purchase price. Officials also laid out the parameters of an agreement with the DAV that would allow the organization to stay and lease the property from the city until their headquarters was ready.

City officials would also enter into agreements with the developer Al. Neyer and St. Elizabeth healthcare in keeping with the assignment of purchase agreement already in place. The resolution included a caveat that if the property was not developed within three years and no subsequent agreement was struck, development rights would cease.

The resolution also included language covering city costs for the purchase. Costs incurred by the city of purchasing the property, including execution of the lease and/or pilot payments (which must include payment in full of all applicable real estate taxes), “shall provide for Neyer and/or St. Elizabeth to pay lease or similar payments consistent with any carrying costs for the project.”

The mayor was authorized to enter into any other agreements, leases, easements, notes, mortgages, financing instruments or other documents associated with the purchase.

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