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Development Group Cites Several Reasons for Deal Failure |
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Written by Michael McSorley
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Sunday, 20 December 2009 11:11 |
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The economic landscape is taking some of the blame for the failure to reach a TIF deal on the High Pointe Shopping Center.
On Thursday the city of Osage Beach unanimously repealed the Tax Increment Financing plan for the project.
In a statement, Craig Davis, attorney for the Raul Walters Development Group, says the economic landscape has changed dramatically while negotiations have been proceeding. Davis says the development group has found themselves in a situation where political pressures on the city are pushing for a complete demolition of the buildings by election day. The development group thinks some buildings should be modified and reused.
Davis adds that should Osage Beach decide that the redevelopment of the site is in the best interest of the city, the Raul Walters Group is ready to try again.
The city and the development group had reached an impasse on several points of the redevelopment contract. City Attorney Ed Rucker said Thursday that the group was unable to bring to the table what was expected and therefore there was no deal. |
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Last Updated on Sunday, 20 December 2009 11:15 |
