Council reduces sale price of City Center building after water damage; amendment approved 13-0

Akron City Council approved an amendment to the purchase and development agreement for the City Center Building at 146 South High Street that lowers the previously approved sale price to account for water damage remediation needed for tax-credit compliance.

Councilman Fusco said an earlier council ordinance in September approved a sale for $1 million. He told colleagues that, after piping failure and water damage during winter months, a third-party estimate recommended repairs that the developer must complete to qualify for tax credits; the council approved reducing the sale price by the estimated remediation amount so the redevelopment could proceed.

The amendment was presented with a favorable committee report and passed 13-0 after suspension of the rules. Fusco said the change would allow the developer to comply with tax-credit requirements and move forward with closing the transaction.

The meeting record does not include the exact dollar amount by which the sale price was reduced, nor the third-party estimate text; council members approved the amendment to allow the project to proceed. Further contract documents and developer filings are expected to provide the precise reduction amount, the remediation scope and revised closing schedule.