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Council gives Cornerstone 120 days to renegotiate 410 B Street development agreement
Summary
After staff reported Cornerstone Properties missed post‑closing obligations on the 410 B Street purchase, the council unanimously approved a 120‑day extension to allow staff to renegotiate performance terms; the agreement includes a city option to repurchase for $1.34 million the council may still pursue if renegotiation fails.
Santa Rosa city staff told the council Wednesday they had issued a notice of default to Cornerstone Properties 2 LLC after the developer failed to meet post‑closing obligations tied to the city's 2021 sale of 410 B Street. Council unanimously approved a 120‑day extension to allow staff to negotiate amendments that would shorten construction timelines and secure assurances before entitlements are completed.
Jill Scott, the city's real estate manager, told the council the sale closed in August 2021 under an atypical timeline because the buyer sought to qualify for an Opportunity Zone investment. In exchange for the accelerated sale, the purchase and sale…
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