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Committee approves price reduction for City Center building sale after water damage
Summary
The committee approved an amendment to reduce the purchase price for the City Center building at 146 South High Street from $1,000,000 to $769,210 to account for water damage discovered before closing; the amendment was approved under emergency suspension.
The Akron City Council Planning Committee approved an amendment to the purchase and development agreement for the City Center building at 146 South High Street, reducing the sale price from $1,000,000 to $769,210 to reflect water damage discovered at the property before closing.
Staff said council previously authorized the sale in September 2024 for $1,000,000 and that the city entered into an agreement with City Center Development LLC on or around Oct. 16, 2024. A third-party estimate of recent water damage prompted the requested reduction in purchase price.
“No. This is the reduction in the purchase price to reflect an estimate that was done by a third party,” staff said in response to a committee question about whether the amendment also grants the city the option to repair the property.
Committee members expressed that the reduction appeared reasonable given the documented damage. A motion to suspend the rules and give a favorable report to the amendment was moved, seconded and passed on a voice vote.
The amendment, as described in the meeting, reduces the purchase price from $1,000,000 to $769,210; staff said this change reflects the third-party damage estimate and does not modify the buyer’s option to perform repairs on behalf of the property as part of the agreement.
