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Council declines right of first refusal on Washington Square Apartments sale to speed transaction
Summary
Council authorized staff to notify DHC LLC that the city will not exercise its right of first refusal on Washington Square Apartments, clearing the way for Renew Moline to proceed with acquisition; council said the action speeds the purchase process.
Council authorized the city attorney and staff to notify DHC LLC that the city will not exercise its right of first refusal to purchase the Washington Square Apartments (316 17th Street, Moline), allowing Renew Moline to proceed with its planned purchase.
Mr. Vitas explained Renew Moline has board authorization to acquire the property and that the city’s right of first refusal dates to 2019. Staff said the city has no intention of exercising the right and that formally declining it speeds the transaction by removing the 90-day waiting period that could otherwise delay the buyer’s closing timeline. The council approved the resolution without objection.
Quote from the record: the city attorney said declining to exercise the right "speeds up the process because, otherwise, we would just sit waiting," and staff moved to allow the buyer to proceed without interference.
What’s next: staff will notify DHC LLC that the city is not exercising its right of first refusal and Renew Moline will continue with its acquisition; no further council action on this point was recorded at the meeting.
