Radburn-Landmark Contract

We have obtained an unredacted copy of the contract to sell Daly Field to Landmark for high-density townhouse development . Following are some highlights with links to appropriate pages for your viewing. To see the full redacted contract we had obtained previously, click here.

PREVIOUSLY UNREVEALED SECTIONS

Sections 4.1-4.3

4.1: SELLING PRICE: $3,750,000: The deposit to Radburn is $250,000, paid to an escrow account. $125,000 of that is released on conclusion of the due diligence period, $100,000 on satisfaction of the zoning contingency (hasn't happened), and balance on closing.

4.3: Radburn gets 2% of gross sales price of each unit, or "true value" in the case of a lease.


4.4-4.5

4.4: Development fee bonus to Radburn: Based on unit density per acre rounded to the nearest whole number. If 10 units, Radburn gets $225,000. If 15 units, $570,000. The higher the density, the more Radburn makes.

4.5: Radburn also gets a fee equal to the cost of Hayward subtracted from $1.5 million.


8.3.2,  8.3 iv., 8.3.5

8.3.2: If Landmark is unable to defend a denial of application to the borough for 24 months, either side may cancel the contract and the deposit money will be refunded to Landmark.

8.3 iv: Purchaser (Landmark) shall pay all fees incurred by Seller (Radburn) for the professional services incurred by Seller for the professional services of Ferro Labella & Zucker and Richard Preiss.

8.3.5: Archery Plaza will be incorporated into the applications for approvals for density/open space purposes only. All proposed use of Archery Plaza shall be subject to Radburn's approval.


8.3.6

If regardless of best efforts of Landmark to attain all marker-rate units, if non-market-rate units are included, there is a reduction in the purchase price to Radburn.


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Condemnation: If property is acquired by governmental authority through eminent domain, Landmark has the right to 1) terminate and deposit is returned, or 2) proceed with closing on entire property or "purchase only so much of the property that is not subject to condemnation" without any reduction or abatement in the purchase price, but with the provision that the purchase price will be minus awards received by the Landmark prior to the closing for various technical requirements.