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Council removes reverter requirement for 689 Main St., clearing path for self-storage project
Summary
The City Council voted to remove a reverter clause on property at 689 Main Street, a change supporters said is needed to secure financing for a proposed self-storage development.
The Holyoke City Council voted 9 to 0 with one abstention on Wednesday to remove a reverter requirement tied to the prior transfer of 689 Main Street, a step the property owner and prospective buyer said was blocking financing for redevelopment.
Council members said the reverter clause — a condition that could force property to revert to the city under certain circumstances — had become a barrier to redevelopment for the lot. Councilor Anderson Burgos, who led committee discussion, said the current owner bought the parcel six to seven…
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