Summary
The board approved Smalls Realty's request to terminate its pilot agreement early and decided not to call the project back after the owners said they are retiring and closing the business.
The Industrial Development Agency approved Smalls Realty's request for early termination of its pilot agreement and related documents after staff said the owners are retiring and will place the building on the market.
Agency staff and board members said Smalls Realty had been part of an earlier hospital‑relocation plan and owned a building on Bleecker Street. Staff reported the owners—identified in the meeting as Mark Rich and another long‑time partner—are retiring and will sell the building.
Following a motion and second, the board approved the request by voice vote. No public hearing or public comment was recorded during the item. Board members noted regret that a long‑time local business is closing but did not add conditions in the meeting record.
Staff described the action as an early termination and a decision not to call back the project; no additional financial details were provided in the meeting record.
