The Navy and the LRA for the former South Weymouth Naval Air Station signed a term sheet for the economic development conveyance of a 681-acre parcel the authority could obtain before the end of the year.
The term sheet outlines the legal terms of the deal the two parties reached in July, as well as plans for the Navy to finish cleaning up the base, located outside of Boston. The earlier agreement called for the South Shore Tri-Town Development Corp. to pay the Navy an estimated $25 million for the parcel. The compensation will include three components: a $2 million payment initially, $10 million paid over a period of 10 years and 5 percent of real estate sales.
The development corp. and the Navy now will attempt to complete a final purchase agreement by Nov. 15, reported the Patriot Ledger.
“Closing and transfer of property are expected to occur later this year,” the Navy said in a written statement.
The agreement takes advantage of language Congress included in the fiscal 2010 defense authorization bill to provide DOD more flexibility when negotiating economic development conveyances with communities. Planned development at the base, renamed SouthField, calls for a mix of residences, retail and commercial space, a recreation complex, a movie studio and green space.