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Committee approves Armory parcel sale as‑is; developer pledges large remediation plan and job creation
Summary
The finance committee approved a rules substitute and the sale of the Armory parcel 'as is' with a three‑year nonflip restriction. Redevelopment Associates said making the building usable will require about $15M of remediation as part of a roughly $30M project; the developer expects to create hundreds of local jobs and produce ongoing tax revenue.
The Finance Committee on Jan. 6 approved a rules substitute and then the sale of the Armory parcel with multiple revised terms: a smaller parcel size, an increased purchase price to reflect repayment of a CDBG amount, a prohibition on sale to tax‑exempt entities, and a three‑year restriction preventing resale except in foreclosure.
Staff explained the transaction will be executed "as is," with environmental remediation the buyer’s responsibility. OED and public works said…
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