In 2007 the City hired a consulting firm to complete master planning services for the Crosswinds Business Park and entered into a reimbursement agreement with several property owners to cover these costs. The costs for these services were broken out by the total acreage owned by each of the property owners. The agreement requires that when land is sold, the property owner is required to repay the City for the expenses incurred for these services.
Ruan Transport Corporation recently acquired approx. 20.5 acres of property covered by this agreement. The City has received payment from the property owner for their required share of the planning services. This agreement releases this property from this agreement, as all obligations have been met. This will remove the lien on the property for the benefit of the new property owner. |