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Board approves exercising $5 million buyback option in Cummins settlement and signs appraisals for Main Street parcel purchases
Summary
The Board of Public Works and Safety voted March 3 to exercise a five-year $5 million buyback option tied to a prior settlement with Cummins Corporation after an appraiser reported increased value, and authorized staff to sign appraisals for eight Main Street parcels totaling $117,940 to advance the Main Street project.
The Board of Public Works and Safety on March 3 voted to exercise a $5 million buyback option tied to a prior settlement with Cummins Corporation and authorized staff to complete appraisals for parcels needed for the Main Street project.
Steve (staff) told the board that a condition of the earlier settlement with Cummins allowed the city to repurchase the property for $5 million…
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