Earnest money kinks Doko sale

Doko Depot

BLYTHEWOOD – While Town Council struck a deal more than two months ago to sell the Doko Depot building and the property it sits on to a Columbia developer, Wheeler & Wheeler, it turns out the deal is not done yet.

Council voted Dec. 16 to authorize Mayor J. Michael Ross to sign the contract which called for Wheeler & Wheeler to make a $16,250 earnest money deposit on the $325,000 sale prior to a 60-day inspection period. Now Wheeler’s lawyer has reported to the Town’s attorney Jim Meggs that Wheeler wants to back out of the original earnest money schedule.

“I had a call from Mr. Wheeler’s lawyer complaining about the $16,250 earnest money,” Meggs reported to Council Monday night. “He said Wheeler doesn’t want to tie up $16,250 for 60 days. [He wants to] split the earnest money into two chunks – $5,000 initially [5 days after receipt of a fully executed agreement] and the balance ($11,250) at the end of the 60-day inspection period, when the contract is closed,” Meggs said.

“But we’ve lost some time,” Meggs said.

While Meggs suggested the Town allow Wheeler & Wheeler to split the earnest money into two parts, he said the amended contract would shorten Wheeler’s inspection period to 45 days and would not be delayed for everybody to sign the contract or for second reading of the amended ordinance.

In regard to depositing the two earnest money payments, Meggs said, “We would specify that the effective date of the contract is tomorrow (Jan. 23) and that the 45 days inspection period commences tomorrow as well,” Meggs said.

Council voted unanimously to approve the amended contract.