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DDA accepts development agreement for 427 5th Street; Council asked to consider approval
Summary
The DDA voted to accept a development agreement transferring 427 5th Street to MCP Properties LLC, with ownership transfer contingent on funding and closing; Ratcliffe asked Council to consider approval at the upcoming Regular Council meeting.
The Downtown Development Authority voted to accept a development agreement for the transfer of 427 5th Street to MCP Properties LLC and asked the Village Council to consider approving the agreement at its next Regular Council meeting. Jeff Ratcliffe briefed the council on the timeline and emphasized that ownership does not transfer until closing, when funding is available.
Council members briefly discussed consistency in conflict-of-interest practices because business owners sometimes serve on local boards such as the DDA. No Council vote occurred at the work session; the DDA action was reported and Council was asked to take up the agreement at a future meeting.
