Committee unanimously backs removing reverter on 689 Main Street to clear way for self-storage redevelopment

The Land Use/Development Committee unanimously approved a recommendation to the full City Council to remove a reversionary (reverter) requirement that had been attached to the sale of 689 Main Street, clearing a legal obstacle for a proposed self-storage development by a prospective buyer represented by attorney Jeff Yalke.

Attorney Yalke, representing the prospective purchaser Richard Kowalski, told the committee the property had been sold by the city in 2019 at a steeply discounted price subject to conditions requiring certain development timelines; those prior conditions and timelines were never met by the previous owner. The prospective buyer proposes to develop a multimillion-dollar self-storage facility and has financing contingent on eliminating the reverter, Yalke said, because the timelines in the recorded reverter could put millions of dollars of investment at risk if a delay occurred.

Councilors noted the property sat idle for years and that the current prospective buyer is offering fair-market value and has experience completing similar projects in the region. Councilor Anderson Burgos said the current owner had incurred cleanup costs, including removal of tanks at the site, and argued the city should remove the reverter to enable redevelopment. Attorney Bissonnette (city counsel) and committee members said the transfer had been reviewed and that removing the reverter would allow a financially viable project to proceed and increase the property tax base.

The committee voted to recommend removing the reverter requirement and forwarding the necessary authorization to the full council.