Safe and Green Development Corporation (NASDAQ:SGD) ("SG Devco" or the "Company") a leading real estate development company focused on sustainable and eco-friendly projects, is pleased to announce that it has accepted a preliminary binding purchase commitment from Trio, as Program Administrator for Choctaw American Insurance, Inc. ("Choctaw"), for its development project in South Texas.
The sale of the first 5 homes, referenced in the commitment, is expected to generate approximately $1,000,000 dollars in revenue for the Company. The purchase commitment from Trio allows for a purchase of up to 14 homes within this planned development generating sales of approximately $2,800,000. The preliminary purchase commitment sets forth Trio's agreement on behalf of Choctaw to purchase homes in the Company's South Texas development project, with exact locations and pricing terms to be confirmed. Trio shall purchase a maximum of 40% of the lots within a subdivision. The commitment stipulates that each home sale shall be subject to the execution of individual Purchase and Sale Agreements as well as the identification of a Trio approved occupant. The commitment also stipulates that each closing will occur within 14 days of the home being deemed ready for occupancy.
