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Developer gets more time to close Temple Terrace deal

TEMPLE TERRACE — For the fourth time in 2008, the Temple Terrace City Council has granted a contract extension to the developer of their downtown redevelopment project.

Ram Development representative Bob Skinner asked the council for another nine months to close on the $14.9-million sale of city-owned land at 56th Street and Bullard Parkway.

The developer and city have been negotiating for two years.

"With the market how it is now, I can't make any guarantees that we'll close," Skinner said.

He offered to pay up to $25,000 a month, part of the interest on the land, as a sign of good faith.

In the end, all council members but Ken Halloway voted to give the developer the extension, with the provision that he would have to give 90 days' notice if he terminates the sale.

Skinner said he would have to take that up with the development company executives, and if they say no, the deal is off.

Developer gets more time to close Temple Terrace deal 09/03/08 [Last modified: Wednesday, September 3, 2008 11:42pm]
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