STUART — The city of Stuart continued Monday to close in on the purchase of Arthur’s Dockside Waterfront Restaurant property adjacent to City Hall with commissioners authorizing just more than $4 million for the deal.

“We’re 98 percent of the way there at this point in time,” said Stuart City Manager Dan Hudson. “There’s only about one other item to nail down.”

Since agreeing to the purchase in December, the city has been negotiating with lien and mortgage holders on the property to arrive at a final price.
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Thursday, February 26, 2009

STUART — The city this week continued assembling pieces of the purchase package for Arthur’s Dockside Waterfront Restaurant property adjacent to City Hall, acquiring $1 million in financing and further negotiating the final price.

The City Commission inked a contract for the property in early December that established a maximum purchase price of just more than $4.4 million for the last piece of riverfront property north of St. Lucie Avenue not under city control.

Since that time, primary emphasis has centered on negotiating down more than $4 million in liens and claims against the property. The outcome of those dealings will determine how much the city ultimately pays for the property.

On Monday, city commissioners approved a $3.85 million price cap for the deal. However, as of Tuesday, City Attorney Paul Nicoletti said the encumbrances hovered just below $4 million.

Because of the ongoing negotiations with lien holders, the city obtained a three-week extension until March 20 to conclude its pre-sale inspection and set a new
closing date of April 3.
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