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Committee unanimously backs removing reverter on 689 Main Street to clear way for self-storage redevelopment
Summary
The committee voted unanimously to recommend removing a reverter requirement on the sale of 689 Main Street so a prospective buyer can proceed with a proposed self-storage development; the buyer has financing concerns tied to the reverter clause, and the committee will send the recommendation to full council.
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…
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