What happens to Bolsover Street? (cont'd)
The Examiner's Michael Reed answers the question of what happens to Bolsover Street now that Lamesa Properties has been unable to secure financing for its Sonoma project: Pretty much nothing:
The 2400 block of Bolsover could remain undeveloped and in the possession of Lamesa Properties another seven-and-half years, according to the terms of the ordinance approving the street’s abandonment.
A spokesman for the city said Monday in addition to the five years the agreement allowed for the completion of the retail-residential project and some traffic-related construction, an additional three-year extension can be granted at the “sole discretion” of the director of Public Works.
Under the terms of the sale of the street, the additional time could be allowed “for extenuating circumstances,” city spokesman Alvin Wright said.
Those circumstances were not defined by the ordinance, which went into effect Aug. 21, 2007.
The sale of the street was contingent on completion of the project “as substantially presented to the community” and the installation of left-turn bays approaching Kelvin Street and Morningside Boulevard at the Rice Boulevard intersections within five years of that date.
An extension by the Public Works director, which does not require council action, could push that date back to Aug. 21, 2015. Failure to grant an extension request cannot be appealed by the property owner.
According to Wright, “The developer has satisfied all commitments and contract requirements to date, and there are no others until Aug. 21, 2012.”
That seems to have worked out well...for Lamesa Properties.
PREVIOUSLY: Bolsover appraisals raise questions over abandonment process
Posted by Anne Linehan @ 12/07/08 01:29 PM | Print |
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