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Council votes to accelerate option to buy 5 Points Center property; adds negotiation for remaining payoff to UConn
Summary
After a lengthy discussion the council voted to let 5 Points Center for Visual Arts exercise an option to purchase city-owned acreage earlier than the original schedule and authorized the mayor to negotiate conveyance documents including payoff of remaining amounts owed to the University of Connecticut.
The Torrington City Council on Oct. 20 voted to amend the land-lease arrangement with the 5 Points Center for Visual Arts to accelerate the organization's option to purchase the city-owned parcel on University Drive, and authorized the mayor to negotiate and execute any documents needed to complete the transaction, including addressing the remaining payoff to the University of Connecticut.
The original lease, entered after UConn's campus closure, contained staged benchmarks and an option to purchase remaining city-owned acreage for $1 after a 20-year period contingent on meeting benchmarks tied to sustainability. 5 Points' representatives presented a…
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