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Council approves settlement enabling redevelopment of burned Paddock Manor site, including repayment of city loan
Summary
The council adopted a settlement agreement with the owner of the burned Paddock Manor site that requires the developer to pursue redevelopment under a defined timeline and repays the city's prior $300,000 loan from escrow funds; the settlement conditions include delegated steps for site plan and brownfield approvals.
Pontiac City Council approved a settlement agreement on Jan. 21 with the owner of the former Paddock Manor senior facility (245 South Paddock), a property destroyed by fire in 2017. The settlement resolves litigation the city brought after reconstruction stalled and sets terms for using insurance funds and escrowed monies toward redevelopment and reimbursement to the city.
Key terms: Under the agreement the city will receive approximately $390,000 from insurance…
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