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Council approves rules substitute for Armory sale after developer pledges major remediation investment
Summary
The Finance Committee approved a rules substitute revising parcel size, assessed value and purchase price for the Armory property, applied $496,537.10 to repay prior CDBG funds, added a three-year transfer restriction, and heard the developer say the project is a roughly $30 million redevelopment with about $15 million in remediation costs.
The Finance Committee approved a rules substitute on Jan. 6 that revises the purchase terms for the Armory parcel and places conditions on its resale and the disposition of prior CDBG funds.
The substitute adjusts the parcel size and assessed value, raises the purchase price to reflect repayment of previously dispersed Community Development Block Grant (CDBG) funds ($496,537.10 applied to repay that obligation), prohibits resale to a tax-exempt entity to preserve ad valorem tax revenue, and restricts sale or transfer for three years…
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