Quote:
Originally Posted by Copes
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Yeah, this is inaccurate according to what was said at the meeting.
The city still owns the property, and is willing to sell it to Republic Properties if its proposal is approved. Republic Properties would like to buy it, but only if its proposal is approved.
So, as would be in the case with any proposal involving multiple property owners, they hired an independent third party to assess the value of the property and both sides agreed to go forward with the proposal
If a developer, for example, wanted to build a tower on my block... he would have to get the same agreement in principle to sell from all of the property owners. This would include an independent assessment of the value, what the developer would pay each homeowner.
IF the city approves the proposal, voila, it's sold. If not, nothing changes.