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City authorizes six‑month negotiation window with conditional redeveloper for Lafayette Hotel; legal and lien issues remain
Summary
The city’s redevelopment counsel told the Trenton City Council on Thursday it has selected a conditional redeveloper for the Lafayette Hotel and seeks authorization for a six‑month memorandum of understanding to negotiate purchase and redevelopment amid multiple liens and title complications.
The city’s redevelopment counsel briefed the Trenton City Council on the Lafayette Hotel transaction on Thursday, asking the council to authorize a memorandum of understanding that would let the city negotiate exclusively with a selected developer for up to 180 days and require the developer to post escrow for city negotiation costs.
Jim Malley, redevelopment counsel for the city, said the administration selected a company called TetraBuilt through the public selection process as a conditional redeveloper. The memorandum of understanding under consideration would name them a conditional redeveloper and permit exclusive negotiations for up to six months to complete a purchase agreement, a sale…
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