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Council approves continued negotiations on Washington Manor purchase; staff to seek bonding/indemnification details
Summary
Council voted to continue work on a draft purchase agreement with the Housing and Redevelopment Authority for Washington Manor and to permit staff to pursue bonding options that may require a city general‑obligation indemnity to St. Louis County.
Councilors voted to allow staff to continue negotiating and advancing a draft purchase agreement between the city and the Housing and Redevelopment Authority (HRA) for Washington Manor, subject to further work on two specific financial items raised by the HRA.
Dana Haltonen of the HRA said the Authority needs either a St. Louis County general‑obligation pledge or a city general‑obligation pledge to achieve a debt ratio that will support the bond financing for building upgrades (including steam conversion and HVAC). Haltonen…
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