NATCHEZ &8212; As of June 6, the city of Natchez will no longer own the site known as the Natchez Pecan Shelling Plant.

Developers Ed Worley and Larry Brown have agreed to exercise the option to buy the land under the terms of the Aug. 9 ,2005 agreement they signed with the city.

That is according to the letter sent from the developers&8217; attorneys, Waycaster & Waycaster, to City Attorney Walter Brown late Monday afternoon.

&8220;We have finally come to the point where we will transfer the property to the developers,&8221; Walter Brown said Monday.

According to the agreement, the city and the developers must close on the project within 15 days of the notice to exercise the option.

Under the terms of the contract, the city will receive $500,000 for the property and the developer will, in turn, commence construction of a 75-unit luxury condominium complex with a total construction cost of at least $19.3 million, attorney Brown said.

Because the city is selling the property for less than its appraised value, the full amount of the sale of the property must go back into site development.

The developers have also agreed to build the project in one phase.

&8220;That is one reason why the city chose their proposal over the others,&8221; Walter Brown said.

Also, according to the option agreement, construction must start within six months after the developers&8217; notice to exercise the option.

&8220;The developers now have an obligation to commence construction in a timely manner and complete the project,&8221; Walter Brown said. &8220;Hopefully they will commence construction within three months.&8221;

&8220;We are pressing forward It&8217;s full speed ahead,&8221; developer Larry Brown said Monday.

&8220;We hope to begin construction in the final quarter of this year.&8221;