City Council approved the sale of some land by our URA, at a significant loss, to a nebulous group of people.
UPDATE: The aforementioned Piatt contributed $10,000 to Ravenstahl for Mayor, and his company Milcraft was a Gold Sponsor of his inaugural. Does someone have time to research the other buyers?
The URA bought the parcels, bounded by Forbes Avenue, Market Place, Fifth Avenue and McMasters Way, for $6.48 million from 2002 through 2006. URA general counsel Don Kortlandt said the agency has "historically invested more in redevelopment properties than the market can." (P-G, Rich Lord)
It looks like people are content to take a pass on this*. Council voted 5-0 with three abstentions.
Lessons learned. For example, we now know the URA is fond of out-investing the market with publicly held assets -- at least on behalf of the right sorts of people.
"That's the cost of taking a bad situation and turning it into a good situation," he said. "You've got a cluster of things that are going to come to Fifth Avenue and turn it from a boarded-up, depressing place" into a vital marketplace.
Let's hope for the best. Something needs to happen in that corridor. We don't want another Tom Murphy situation. Do we?
Hey, what all is going in there? What kind of painstaking, exhaustive research went into determining what it's going to be?
*Actually, I Luv Luke provides some related prose.