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Subject: (Direct Referral) Communication from Jessica Servantez submitting a proposal for the Redevelopment Authority owned property at 1418 Washington Avenue. (Res. 12-3200)
Recommendation of the Redevelopment Authority on 6-4-12: That the Common Council approve the action of the Authority granting a three-month option with conditions to allow Ms. Servantez the opportunity to refine cost estimates and obtain financing.
Fiscal Note: 1418 Washington Avenue was offered through a Request for Proposals (RFP) for one dollar ($1.00) contigent on the purchaser having a redevelopment plan consistent with the Uptown Plan and sufficient financing to renovate the building. The option will allow Ms. Servantez to negotiate financing from lenders. She has paid the $1,000.00 option fee.