The Branson Board of Aldermen yesterday approved an extension for Ballparks of America LLC’s purchase of the defunct Red Roof Mall.
The approval gives Ballparks of America until April 14 to close the deal, up from a former deadline of March 9.
In a
letter to the board, Ballparks of America Chief Financial Officer Craig Hutson said its primary lender, Cedar Rapids Bank & Trust, informed the ballpark group that the title company handling the loan, Great American Title Co., required the land be examined by a licensed surveyor.
“This is important for several reasons, including that in order to have title insurance on a leasehold deed of trust to file a leasehold mortgage as the bank requires, the legal description must be factually accurate,” Hutson wrote, noting the company hired Branson-based Schultz Surveying & Engineering Inc. to complete the survey.
In October, the board approved a purchase agreement allowing Ballparks of America to buy the former Factory Merchants Mall buildings for $100. The sale, which does not include the land, is designed to help the company complete its planned $24 million ballpark project on 66 acres.
The
agreement with the city would require Ballparks of America to pay rent of $2,000 per acre a year and a percentage of gross receipts, with a cap of $100,000 annually, through June 30, 2049.
The development plans call for up to 16 replica baseball fields, including dimensional designs of Fenway Park and Wrigley Field, batting cages, practice diamonds, concession and catering facilities, arcades and playgrounds.
The baseball league originally was slated to get started last summer, but was delayed until March of this year. The company’s
website lists tournaments starting in July.
