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RDC approves assignment of city option to Allen Commercial Group, commission to receive $500,000
Summary
The commission authorized staff to complete a contract assigning the city's option on a Conyers-owned property to Allen Commercial Group for $5.5 million, with the city’s obligation at $5 million and the commission receiving $500,000 from the transaction.
The Greenwood Redevelopment Commission approved a contract assignment that would transfer the city’s option on a property owned by Conyers to Allen Commercial Group.
Staff described the deal as an assignment for $5.5 million, under which the city’s obligation to complete its purchase would be $5 million and the RDC would receive $500,000 from the transaction. Staff told commissioners the arrangement is intended to place development with a local developer that has a track record in Greenwood rather than allowing the property to sit idle.
A motion to authorize staff to complete the contract and permit the mediator to sign passed 5-0.
Commissioners did not state additional conditions in the recorded discussion. Staff framed the payment to the RDC as a benefit of the assignment; no further approvals or regulatory conditions were referenced in the recorded discussion.
