HomeMy Public PortalAbout1984_07_11_R109The Town of Leesburg in Virginia
PRESENTED July ll, 1984
AMENDED July 11~ 1984
RESOLUTION NO. 84-109 ADOPTED July 11, 1984
RESOLUTION: AUTHORIZING EXCLUSIVE NEGOTIATING RIGHTS WITH MARKET SQUARE
ASSOCIATES, INC.
WHEREAS, the town received a 1.35 million con~nunity development block
grant in 1981, of which a major element is redevelopment of vacant land in the
South Harrison Street neighborhood; and
WHEREAS, the town advertised for development propOsals for the VEPCO tract
in the Washington Post and Loudoun Times Mirror; and
WHEREAS, seven persons requested a copy of the development prospectus; and
WHEREAS, the town received a formal proposal from Market Square Associates,
Inc. dated June 15, 1984; and
WHEREAS, the general concept of the Market Square Associates, Inc. proposal
will meet the goals of the South Harrison Street community development project:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Council awards exclusive negotiating rights to Market
Square Associates, Inc. for a period of two months from the adoption of this
ordinance unless extended by Council. Negotiations shall result in a draft
development agreement for consideration by Council at the end of the negotiating
period.
SECTION II, If the town and Market Square Associates, Inc. are unable to
reach an agreement on the exact terms and conditions of the development within
the allotted time period, the proposal shall be rejected and the manager shall
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MARKET SQUARE ASSOCIATES NEGOTIATING RIGHTS
be authorized to issue immediately a new prospectus for redevelopment of the
VEPCO tract.
SECTION III. The Finance and Administration Committee is requested to ap-
point one of its members ~gerve o~.the negotiating team.
SECTION IV.
PASSED this
This resolution shall be in effect upon its adoption.
llth day of July
ATTEST:
, 1984.
Robert E. Sevila,~ ~ayor
Town of Leesburg