City ends agreement with Clearstone LLC on Pinecrest-adjacent parcel after buyer stops communicating

Municipal services staff reported Sept. 21 that the city has issued a notice of termination to Clearstone LLC for its purchase-and-sale agreement on the roughly 8.6-acre Vernon/Baylor Division 3 parcel adjacent to Pinecrest Golf Course.

Director Alexander reviewed the sequence: the purchase-and-sale was signed Oct. 24, 2025, and had three addenda that required nonrefundable extension payments; staff said Clearstone did not make the final $10,000 payment and failed to provide due-diligence materials. Consultant Nick Terry of TOK Commercial said the developer has been "very non responsive," and staff has relisted the property at $1,900,000 while reaching out to other potential buyers. The staff recommendation is to continue marketing the parcel and bring letters of intent back to council for review rather than deposit escrow funds at this time.

Director Alexander said the sale price under the prior letter of intent had been $2,000,000 with $10,000 nonrefundable extension payments; staff emphasized the value of any due-diligence documents for future bidders but said due-diligence reports are not public records unless provided to the city.