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The St. Helens Chronicle
Developing: City signs letter of interest for property sale
By Will Lohre Country Media, Inc.,
28 days ago
There may be a new industry player coming to St. Helens, as American Hyperion Solar, LLC has expressed interest in purchasing or leasing the city-owned property at 1300 Kaster Road, St. Helens.
At a special meeting on Oct. 20, the city signed a letter of interest from American Hyperion Solar, LLC. The signed letter of interest gives the company 90 days to conduct due diligence on the property, according to St. Helens Communications Officer Crystal King.
“The City of St. Helens is excited by the interest American Hyperion Solar, LLC has expressed in locating to St. Helens and the benefits this would bring to our community,” King said. “This would bring living wage jobs to St. Helens, increase our tax base, and potentially generate interest from other compatible businesses in investing in St. Helens.”
The due diligence period is important because the agreement states that Hyperion Solar would purchase the property “as is.” During the 90-day period, the city has agreed not to pursue other interests in the property.
As part of the agreement, “within three (3) days of complete execution of the purchase and sale agreement, buyer agrees to deposit six hundred ten thousand dollars ($610,000) (the ‘Earnest Money’) in escrow with 10% non-refundable fee,” according to the non-binding letter which was signed on Oct. 20.
The 10% non-refundable fee amounts to $61,000 and is essentially an exclusive negotiation fee.
“To induce seller to grant to buyer the 90-day period exclusive negotiation period provided in this section above, buyer has agreed to pay to seller a non-refundable $61,000 exclusive negotiation fee,” the letter states.
As part of the agreement, there is a confidentiality clause that restricts the “release any information to the public regarding the Letter of any potential agreement without the separate written consent of all parties involved.”
Due to the confidentiality agreement, the city could not offer details about the potential scale of Hyperion Solar’s operations and facility details. Reflected at the Oct. 20 meeting was that there is a sense of urgency about the project. This urgency is due to Hyperion Solar seeking to be operational as “quick as they can,” according to City Administrator John Walsh during the meeting. Walsh said that Hyperion Solar is looking at other sites in addition to the Kaster Road property.
King noted that “the parties have the option to extend the negotiations of the agreement if a decision is not made within 90 days.”
Follow this developing story at thechronicleonline.com and in the Wednesday print editions of the Chronicle.