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Land Bank approves $3,000 counteroffer on 2621 Getty with reverter and occupancy safeguards
Summary
The board voted 4–1 to counteroffer $3,000 on 2621 Getty under a one-year land contract with $1,000 down, a reverter clause requiring a building permit, and a two-year restriction on sale or transfer; Chair Moulatsiotis voted nay.
During property deliberations, Board Member Theile moved Jan. 20 to make a $3,000 counteroffer on 2621 Getty. The proposal included a one-year land contract with $1,000 down, a reverter clause that requires a building permit to be secured, and a restriction that the property not be sold or transferred for two years after conveyance. The motion was supported by Board Member Kilgo.
The recorded vote was four in favor (Cyr, Theile, Kilgo, Kitchen) and one against (Chair Moulatsiotis), and the motion passed 4–1. The minutes record the conditions attached to the counteroffer; the board did not elaborate additional financing or rehabilitation schedules during the meeting.
The counteroffer demonstrates the board’s use of contract terms (reverter clause, occupancy/resale restrictions) to try to secure development or owner-occupancy outcomes on small property sales.
