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City Council approves court‑ordered EDC settlement for Velasco development after heated debate
Summary
Freeport City Council voted 4–1 to approve resolution 2026‑3042, a mediated settlement transferring EDC property interests to developers in exchange for infrastructure completion and a 12/31/2027 occupancy deadline; dissenters criticized transparency, engineering documentation and the project's fiscal return.
Freeport City Council approved resolution 2026‑3042 on April 20, 2026, adopting a mediated settlement intended to resolve years of litigation over lots in the Velasco town site and to compel completion of roadway and infrastructure improvements.
The settlement requires the Economic Development Corporation (EDC) to convey property interests to developer AMG (and co‑lender GLNL) in return for the developers’ commitment to finish required infrastructure and construct residential units to city standards. Certificates of occupancy for all units must be issued by Dec. 31, 2027; the agreement imposes liquidated damages…
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