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Board approves mutual rescission for Our Favorite Things LLC incentive agreement
Summary
Our Favorite Things LLC requested rescission of its incentive agreement for 228 West Main Street after telling staff it could not secure financing; the board approved the mutual rescission 6–0.
The La Porte Development Corporation approved a mutual rescission and release of an incentive agreement with Our Favorite Things LLC for building and site improvements at 228 West Main Street after staff reported the applicant could not secure financing.
Haley, staff member, told the board the applicant had sought a six-month extension but now believes it will not meet that deadline and instead asked to mutually rescind the agreement. "They are struggling with securing their financing," Haley said. The board offered the rescission so the applicant could return when financing is in place.
A motion to rescind the agreement was made, seconded and approved 6–0. Staff indicated the property is listed for sale and that the applicant may return in the future with a new application if circumstances change.
