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Committee declines to authorize changes to 8 Parlow Street development agreement; requests cost, code and legal review
Summary
Members voted against forwarding a proposed amendment that would remove a reverter clause and authorize the city manager to negotiate with a prospective buyer; committee asked staff for code reinspection, cost estimates, legal review and to return the item to committee.
A motion to authorize the city manager to negotiate an amended development agreement for 8 Parlow Street that would remove a reverter clause and allow a proposed buyer to proceed with rehabilitation failed in the Business & Economic Development Committee on June 2. Committee members asked staff to return with cost estimates, a current code inspection, and legal analysis before taking action.
Staff explained the background: the development agreement had been recorded with the property to encourage rehabilitation after the prior owner faced tax issues, and the agreement contained a reverter clause that would allow the city to reclaim the property if conditions were not met. Because the city never owned…
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