The city council met in executive session on Monday night to “deliberate about purchase, exchange, lease or value of real property for the purpose of commercial development inside the district boundaries.”
The statement they put out later said, “The council made a motion to enter into a MOU (Memorandum of Understanding) to investigate real property between the city and Sandow Lakes Ranch (SLR) subject to concurrence from the Knight Law Firm who represents the city.”
A Memorandum of Understanding is defined as “an agreement between two or more parties outlined in a formal document. It is not necessarily legally binding, which depends on the signatories’ intent and the language in the agreement but signals the willingness of the parties to move forward with a contract.”
The council did not state the location of the property except to say that it is between the city and SLR.
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