Canterbury Square Mobile Home Park to be turned over to tenants next week
by Jeff Switzer
The Canterbury Square Mobile Home Park will have new owners next week when the requisite $7.4 million is turned over to current owners Al and Donna DeYoung Jan. 12.
The DeYoungs received $200,000 in earnest money Dec. 29 from the Canterbury Criers Association, representing the residents of the park.
"The mood around the park has been excellent, very upbeat," said George Scrimshaw, president of the Canterbury Criers Association. "One older woman came in last week and burst into tears because it was so wonderful to have the pressure gone."
Scrimshaw said the residents of the park worked very hard to purchase the park. "People tend to underestimate the determination of older people," he said. "Everyone can recognize the virtue of people with a sole goal to achieve. The reward is in the accomplishment."
The purchase agreement was reached between the DeYoungs and the Canterbury Criers during the summer of 1995, stipulating that the residents could purchase the park if they could come up with the $7.4 million before the deadline.
The agreement also dictates that the tenants not sell the park for five years. Once the five years has passed, the association can sell at any time; however, the residents must put the park on the market after 12 years, in 2008.
At that time, the residents must have the property appraised at its "highest and best use," as commercial land, in keeping with the DeYoungs' desire to have a thriving downtown retail core. Following the appraisal, the residents must put the park on the market for $10 million or the appraised value, whichever is higher, for three years time. The residents have the option of having the property re-appraised after 1 1/2 years.
The residents are required to sell if they receive an offer at the asking price within the three years, otherwise the sale requirement is waived.