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County to consider waiving right of reversion for Bonny Oaks industrial park property
Summary
A resolution would authorize the county mayor to execute a waiver of the right of reversion related to property improvements at 6121B Heritage Park Drive in Bonny Oaks Industrial and Office Park; staff said such waivers are used to clear title when original development conditions have been met.
Hamilton County commissioners were presented with a resolution authorizing the county mayor to enter into and execute a waiver of a right of reversion as to specific property improvements and owner documents for property located at 6121B Heritage Park Drive in the Bonny Oaks Industrial and Office Park.
Staff explained that property in Bonny Oaks was sold with covenants and a right of reversion intended to ensure buyers met development commitments. When owners later sell the property and can demonstrate they fulfilled those commitments, they frequently request a waiver to clear title. County staff said the park was developed in 2007 and that the parcel’s buyer has asked the county to waive the reversion because the development obligations have been satisfied.
Staff noted there are broadly 18 covenants and restrictions in the park’s documents; waivers of right of reversion have been handled previously when owners demonstrate compliance. The transcript excerpt contains the staff explanation and the resolution reading but does not include a recorded vote.
