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Mayor: Negotiations with Terracotta hampered by contaminated Lot 15; eight-year tax credit denied
Summary
Mayor Hopkins said the City is negotiating with developer Terracotta but is not in a strong bargaining position. He reported Lot 15 contains contaminated material, EPA assistance to private parties is limited, remediation plans are preliminary and could take one to two years, and he declined an eight-year property tax credit requested by the developer.
Mayor Hopkins reported on a Friday meeting with developer Terracotta and said the City currently lacks strong bargaining leverage because developer interest in the site is limited. He told the council that Lot 15 contains contaminated material and that the EPA will not assist private parties with remediation of that parcel; discussions with the agency over the Mount Ruston (10C) site are ongoing but no remediation plan exists for Lot 15.
Mayor Hopkins said remediation and regulatory processes could delay development "one to two years" if EPA involvement is required. He also said Terracotta requested an eight-year property-tax credit, which he denied because he viewed such incentives as inappropriate for waterfront condominium developments marketed to higher‑income buyers. The mayor clarified he negotiates directly with Terracotta and that councilmembers do not engage in negotiations outside council actions.
