The Land Reuse Agency considered transferring the Monogar Building at 210 South Monticello Avenue and discussed terms that would tie a reversionary interest to progress on redevelopment.

The discussion matters because the proposed transfer and its reversionary language affect how quickly ownership would revert to the agency if the buyer does not make sufficient progress on redevelopment.

During consideration of the Monogar Building, LRA Member 2 moved "to transfer the property with a remuneration," and LRA Member 1 asked for clarification, saying, "of $300. Is that what you suggested?" LRA Member 3 recommended setting the transfer consideration to the actual cost of the transfer, saying, "If you put a value to the Based based on the cost of the transfer, a parcel of 2 hun 210 South Monticello Avenue amending the reversionary clause to 24 months, based on progress of the development." LRA Member 3 then seconded the motion.

The key terms discussed in the excerpt: a remuneration amount was proposed (one member referenced $300 as an example), LRA members agreed that using the actual cost of transfer as the consideration would be preferable, and the reversionary clause was amended in discussion to 24 months tied to development progress. The transcript excerpt records the motion and a second but does not include a recorded roll-call vote or final outcome.

Discussion: members confined their comments to transfer consideration and to shortening the reversionary period to 24 months contingent on development progress. The excerpt does not identify a buyer, specify the calculation method for "cost of transfer," state required approvals, or list funding sources.

Next steps were not recorded in the excerpt; no firm implementation timeline or post-meeting assignment is included.