The Traer City Council has met twice in the past two weeks, capped off with a special session on Thursday, July 12, to approve the contract for the aquisition of the Traer Manufacturing building.
The donation agreement was presented with a few updates to the contract, which includes a provision that prohibits the city from re-selling the property to a direct competitor of MID, the current owner, at anything below a fair market value.
In short, this means that the city cannot sell the building to another company that "designs, develops, or manufactures" automotive systems and components at below fair market value. The city can sell to any company as long as the price agreed upon is above fair market.
This agreement is standard for such deals in that it allows the seller an assurance that another competitor will not have an unfair financial advantage.
The motion to accept the agreement was made by Lee Wiges, and seconded by Carri Holst. The motion passed unanimously with a roll call vote. Dahn Kennedy was absent for this meeting.