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Norwalk approves amendment to Firestone property exchange; $500,000 escrow to fund demolition
Summary
The Norwalk City Council unanimously approved an amendment to an exchange agreement that redirects a $500,000 developer escrow to demolition work at Firestone Boulevard and San Antonio, staff said.
The Norwalk City Council on a unanimous vote approved Resolution No. 25-13, the first amendment to an exchange agreement involving city property at 12124 Firestone Boulevard. City staff said the amended agreement redirects funds already on deposit in escrow and assigns the city responsibility for demolition of a bank building at the southeast corner of Firestone Boulevard and San Antonio Avenue.
Alex Hamilton, who presented the item for staff, summarized the sequence of transactions: the council previously declared the city property at 12124 Firestone Boulevard surplus and approved an exchange agreement on…
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