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Council amends sale agreement for 2023 Washington Street with conditions; retains right of first refusal
Summary
Council approved an amendment to the sale agreement with Y Knot LLC for 2023 Washington Street that allows the developer more time to sell or redevelop the parcel and permits the developer to recoup certain documented costs if the property is sold; council required remaining invoices and limited prior‑date expenditures as conditions.
The Two Rivers City Council voted to amend a 2020 sale agreement for the vacant property at 2023 Washington Street, authorizing a revised timetable and a limited reimbursement arrangement while preserving a city right of first refusal.
Greg (staff member) reviewed the property’s background, noting the city acquired foreclosure rights in 2020 under a DNR agreement that provides liability exemptions for local governments handling brownfield sites. He said the original sale agreement required the buyer to submit a commercial redevelopment plan and make at least $100,000 in qualifying investment by a city deadline; that deadline had been extended twice and the buyer now asked for…
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