Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council discusses put-option for Square South Town TIF parcel; asks staff to add first-refusal language
Summary
Council discussed a put-option agreement with developer Square South Town tied to a TIF parcel while appellate proceedings are pending; staff and the city attorney sought council consensus on adding first-right-of-refusal language and finalizing the agreement for consideration at the next meeting.
Council took time to discuss a proposed put-option agreement between the City of Effingham and the developer Square South Town concerning a property in the TIF district.
Staff and the city attorney explained the agreement would give the developer a period during which it could require the city to purchase the property if appellate proceedings resolve in favor of the developer. The city’s interest, staff said, is to be in a position to acquire and control the property in the event the developer cannot complete the project.
An outstanding detail is language for a first right of refusal; several council members asked staff to include that language if legally and procedurally permissible. Staff noted the commission form of government requires certain notice and timing (a mandatory seven-day period before final passage for some agreements), and asked for a consensus so the final form of the agreement can be filed and placed on the agenda for possible action at the next meeting.
A developer representative was present and offered to answer questions if needed; council members expressed interest in moving the item forward but left final action for the formal agenda when the full final form is available.
