Updated about 13 years ago on .
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Purchase Option / Tie Up Land
I have a situation where I am looking at a 5 acre parcel of property worth about $250,000 that I would like to develop. The issue is, it is connected to a larger 30 acre piece of property that is in remediation plan with the EPA. If I can get a specific designation for the entire property based on my proposed use, it would be a significant financial benefit (up to $500,000 a year in tax credits) to the current owner. But the designation could take a year to get, and the financial benefit would not come until a year later, but it would far exceed the value of the land. I would also need to rezone the property for my use. It would take significant work on my part to achieve this designation and rezoning.
My question is, this all hinges on my ability to obtain this designation and rezoning as part of my offering. What are my likely options on tying up this property without laying out cash that I can't get back.
Thanks for you help!