BEAUMONT, Texas — Jefferson County Commissioners on Tuesday morning voted to cancel the pending sale of Ford Park unless additional earnest money is received in less than a week.
The deadline for payment for the sale of Ford Park has come and gone and now commissioners say that, in order for the sale to go through, Renaissance Development Group must pay an additional $560,000 in earnest money by March 4, 2022.
Additionally the sale must be closed by March 22, 2022 and if either of these conditions are not met the contract will be automatically canceled.
The Renaissance Development Group had agreed to pay more than $22 million to Jefferson County by Friday, Feb. 18, 2022.
Kevin Johnson, of Renaissance Development Group, released a statement on Friday that said in part, “Beaumont and the citizens of Jefferson County are going to be very excited about what we're bringing to their community.”
Johnson told 12News that all efforts are being put into funding and that the city of Beaumont is aware of the status of the money.
The bank has inspectors, engineers, and architects are on the ground working to finalize structural reports according to Johnson.
The group originally promised to pay by February 16, but county commissioners gave them until the end of the week.
Read full statement from the Renaissance Development Group...
The bank has inspectors engineers and architects on the ground completing all the due diligence finalizing structural reports awaiting phase 1 environmental, all efforts is being put forth for funding.
All is aware of the status and we’re all working diligently together.
Very large financial package, Beaumont and the citizens of Jefferson county are going to be very excited about what we’re bringing to their community.
GET NEWS & WEATHER ALERTS | Download the 12News App to your mobile device
This is a developing story. We will update with more if and when we receive more confirmed information.