Major land deal comes with firm deadline in D’Iberville
D’IBERVILLE, Miss. (AP) – Nearly a year after city officials agreed to sell the Ocean Expo site along Interstate 10 back to Ramco Real Estate, the deal still hasn’t closed.
The Sun Herald reports (http://bit.ly/1PGHvqZ) the city council on Tuesday gave Robert Mandal Jr., D’Iberville auto dealer and owner of Ramco, a Jan. 30 deadline to close the $7.6 million cash transaction.
To get that extension, Mandal agreed to reduce by $800,000 the city’s promissory note he holds on the property, which he sold to the city in 2011.
That $800,000 doesn’t come back to Mandal even if he does meet the deadline to buy the 8-acre site.
City attorney W. Fred Hornsby said Mandal expects to close on the land within the next week.
