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Temple Terrace working on kinks in land deal

TEMPLE TERRACE — Both sides tried to protect their investments Monday as the City Council and representatives of Ram Pinnacle discussed a land purchase agreement for this city's downtown redevelopment project.

Council member Ken Halloway asked that the entire deal be recalled and renegotiated at a sale price higher than the $14.9-million agreed upon.

"We went to the bank and got loaned $17-million to purchase that land," he said. "If we sell all but the 3.2 acres for $14.9-million, we will still owe the bank the difference."

Mayor Joe Affronti pointed out that the council voted 3-2 in favor of the modified sale price on Dec. 18.

Officials also discussed whether Ram Pinnacle ought to be able to get back its $400,000 deposit if any conditions in the contract are not met before the July 1 closing.

"We would have invested somewhere upward of $800,000 in this project by closing," said Bob Skiller, the developer's representative. "If something happens beyond our control that halts the sale, we don't want to lose another $400,000 after that."

The council agreed, but City Attorney Mark A. Connolly said the contract needs to be clarified.

A third draft of the purchase agreement will come before the council for a vote at its regular meeting at City Hall at 7 p.m. on March 4.

Temple Terrace working on kinks in land deal 02/25/08 [Last modified: Tuesday, February 26, 2008 12:43am]
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