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Board approves repurchase option exercise for 400 Scenic View Drive under 1998 ground lease
Summary
The board approved the transfer of 400 Scenic View Drive in Cumberland under an option to repurchase in a ground lease dated 12/29/1998. Staff explained CVS had sold the property to the corporation and leased it back; the lease includes a nominal purchase option.
The board considered and approved a transfer at 400 Scenic View Drive, Cumberland, pursuant to an option to repurchase under a ground lease dated Dec. 29, 1998.
A staff member outlined the lease history, saying CVS sold the property to the Commerce Corporation and leased it back under a development agreement intended to provide tax advantages tied to job creation. The staff member said, "The lease specifically provides for a nominal purchase option," and recommended the board approve the transfer under the terms of that lease.
After a brief exchange and no further questions, the chair put the motion on the table and the board approved it by voice vote. The board's approval follows the terms of the 1998 ground lease and the related development agreement between the parties.
