Tuesday, January 20, 2015

Isner's Election Year Acres; How Bob Chapman and Bob "I'm John's Dad" Isner are going to walk away with taxpayer money tonight

Section 6.1 is hereby amended to allow for the direct sale and transfer of limited Property components totaling approximately 2 acres directly from the Commission to Selected
Component Developers at no cost to the Developer under Section 6.2.1 and in such event, and further in consideration of Developer’s release of its rights and option to purchase such Property Components as provided in Article 6, to provide compensation and consideration to the
Developer all as set forth in the attached Exhibit A restated Section 6.1, the terms of which are
incorporated by reference as if herein fully repeated.

...Compensation and Consideration to be Paid to Developer.

...in lieu of the purchase of any parcel or portion of the Property by a Component Developer or by the Developer as otherwise provided in Article 6, the Commission may, in order to contribute to fulfillment of the objectives of the Redevelopment Plan, transfer one or more Property Components, totaling approximately two acres located along East Lee Street between Arlington Street and South Elm Street , directly to a Selected Component Developer for a purchase price less than the amount stipulated in Section 6.2.1, or for no cost, provided that for any amount of land transferred at a
reduced or no cost and in consideration of Developer’s release of its option to purchase the same as
provided in this Article 6 Developer shall not owe any funds to the Commission for the Property
Components transferred and the Commission will credit the Developer the amount of four hundred twenty eight thousand six hundred ninety-four dollars ($428,694.00) per acre or fraction of acre (subject to said amount per acre being increased by the Annual Inflation Rate adjustment beginning January 1, 2014) off the cost of the next parcels of land to be developed in the future by the Developer as another component.