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Cary board approves 60-day extension for Maplewood School redevelopment as residents renew New Haven road objections
Summary
The Village of Cary board on Nov. 4 approved a resolution granting a 60-day extension to the preliminary development agreement with Courtigan Clark and Associates and JM Developers LLC for the Maplewood School property, allowing staff and a TIF consultant additional time to review financial components and finalize terms.
The Village of Cary board on Nov. 4 approved a resolution granting a 60-day extension to the preliminary development agreement with Courtigan Clark and Associates and JM Developers LLC for the site commonly referred to as the Maplewood School property, allowing staff and the village's TIF consultant additional time to review financial components and finalize terms.
Director Brian Simmons told the board staff and the developer requested the extension because the prior 90-day extension was expiring and additional time was needed to complete due diligence and negotiations; staff anticipates returning a final redevelopment agreement to the board in December. "The 60 day continuance . . . should be enough time for us to finalize that agreement and bring something back before the board for consideration," Simmons said.
The motion passed on a roll…
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