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Property owners, residents voice questions on due diligence and financing at Newport meeting
Summary
Two public commenters praised the acquisition and asked staff for clarity on due diligence, worst-case costs and how the city could help nearby property owners secure loans given a lack of comps on Monmouth Street.
Two members of the public addressed the commission during public comment, praising the effort to reshape Monmouth Street while asking for more clarity on due diligence, worst-case costs and what the city could do to help nearby property owners access financing.
Jeff Zamanek thanked the board and asked whether staff had completed the due diligence he would normally perform as a buyer, saying he worried the city did not yet know how much additional money might be required for stabilization or demolition. "What I'm hearing here with this last slide is we really don't know how much more money is gonna be put into this acquisition," he said, and asked about worst-case return scenarios.
Karen Minzner, a resident and Monmouth property owner, said lack of comparable sales has hindered private financing for local redevelopment and asked how the city could help improve property values so owners could secure loans. "To get a loan, you have to have appraisals and comps, and they don't exist right now on Monmouth," she said, and urged the city to consider what assistance it could offer local business owners and property owners.
Provenance: public comments recorded during the meeting's public comment period.
