Exclusive Negotiating Agreement for Reggie Jackson
Reggie Jackson made a $50,000 deposit for an exclusive negotiating agreement. This agreement allows Jackson’s development team “Amador Hotel 44” to begin plans for the 5.7 acres located at Del Rey and Del Monte boulevards. The deposit will cover legal and consulting costs, which are connected to finalizing the right to develop the property.
The agreement allows for the development team to obtain environmental studies and submit a project proposal to the city of Seaside. If the environmental report isn’t completed within a 12-month period, the exclusive negotiating agreement allows an extension of 9 months.
The development will consist of a 252-room hotel and conference center. There are approximately two-dozen properties on the 5.7 acres with four major property holders. The city would only get involved in helping to obtain the properties if Jackson’s team needed assistance. The city help would come in the form of a “resolution of necessity”, which could lead to acquiring the property using eminent domain.
