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.