Limerick Township's effort to acquire 1 Keen Road, a parcel identified for open space preservation, fell short this week after the property owner accepted a competing offer, Township Manager Dan Kerr told the board of supervisors on Tuesday.
Despite the setback, supervisors voted to authorize a standby agreement of sale that would let the township move quickly to purchase the property should the other transaction fail. The motion permits a purchase price not to exceed $2.2 million and remains in effect through December 31, 2026.
Kerr said the property owner approached the township in July, asking about the parcel's designation in the township's open space plan while also expressing interest in developing townhomes and seeking a zoning change.
The board of supervisors authorized an appraisal of the property, which came in at $2.2 million.
Kerr and Township Solicitor Rebecca Geiser were initially authorized to negotiate up to $2.1 million and reached a verbal agreement to purchase the property for $1.9 million. The owner's real estate agent then reported an unsolicited offer of $2.25 million.
The board subsequently authorized a purchase price up to $2.2 million, and the township prepared an agreement of sale for $2.15 million.
Kerr said he was notified around noon Friday that the owner would agree to the sale with the township, prompting the item to be placed on Tuesday's agenda. But around 4 p.m. Monday, he received an email from the real estate agent stating that the owner had accepted another offer and would not sign the agreement with the township.
Geiser said the township could not offer more than the property's appraised value.
Board President Connie Lawson said the authorization was intended to position the township to pursue the purchase immediately if the competing sale does not close.
"Sometimes real estate transactions do fall through," she said.