Item 1.01. Entry into a Material Definitive Agreement
On August 18, 2017, Auscrete Corporation ("company") announced that it had signed an agreement with the City of Goldendale, WA. for the purchase of a total of 10 acres of land on the Goldendale Industrial Estate. The agreement is in 2 parts. The first part is the purchase of 2 x 2.5 acre lots, being a total of 5 acres at $20,000 per acre for an overall cost of $100,000. This portion of land is to be used for setting up the company's initial manufacturing plant. The foremost production building comprises of a 25,000 sq. ft. structure and there will be a 15,000 sq. ft. supply and manufacturing support building.
The second part is the purchase of an additional 2 x 2.5 acre lots for a total of 5 acres that abuts to the first lots to form a square 10 acre site. These second 5 acres are under option and the company has 12 months to finalize this purchase. The cost of this property will be $25,000 per acre for a total purchase price of $125,000.
Pictured at right is a photo of the Property Purchase Agreement signing transaction at the Goldendale City Council Offices. Goldendale City Mayor, Mike Canon (center) signs the document watched by Auscrete Corporation signee and CEO, John Sprovieri (right) and with Goldendale City Administrator, Larry Bellamy (left) looking on.