Aldermen extend Cornerstone purchase-and-sale agreement for 200 Columbian Ave to Dec. 31, 2025
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Summary
The Board approved a six-month extension to the purchase-and-sale agreement between the city and Cornerstone Housing Partners for 200 Columbian Avenue to allow the developer more time to assemble financing.
The Rutland City Board of Aldermen on Aug. 18 approved a six‑month extension of the purchase and sale agreement for 200 Columbian Avenue between the city and Cornerstone Housing Partners, moving the new contract deadline to Dec. 31, 2025.
Planning and city staff told the board Cornerstone continues to assemble project financing and expects to need only the six‑month extension, not a full additional year. The board suspended the rules to take up the item that technically had expired and voted to extend the agreement through the end of the calendar year.
Discussion: City staff and Cornerstone representatives described the request as a financing gap issue; Cornerstone indicated confidence the project financing can be completed by year’s end and therefore requested a six‑month extension rather than a full year. The motion carried by voice vote.
Background: The purchase-and-sale agreement was originally time-limited; audio minutes indicate the prior term lapsed around June 30, 2025. The extension includes a friendly amendment authorizing the mayor to sign the amended document on behalf of the city.
Next steps: Cornerstone will continue to finalize financing and staff will update the board if the project timeline changes.