Burlington reaches settlement with developers of City Place

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After months of delays and negotiations, Mayor Miro Weinberger says the city has reached a settlement with the developers of City Place.

“This settlement creates a way for the city to both hold the developers accountable for the past while also creating a path for the project to move forward,” the mayor said.

Weinberger says the developers of City Place will transfer, to the city, the land where the reconnected St Paul and Pine Streets will be built. It’s estimated to be worth about four million dollars.

“Through a guaranteed, legally enforceable contract, paid for by the developers,” he said. “To reconnect the St. Paul and Pine streets at no cost to taxpayers if the developers do not succeed in starting to build the project in approximately two years.”

Or, if the developers begin work but don’t meet anticipated milestones. As the project moves forward, the developers will have to repay $150,000 a year in lost property taxes to the city’s ‘TIF’, or tax increment financing district. These lost property taxes resulting from the project’s long delays. The mayor says while he’s not in a position to ensure the project’s success, he thinks it’s a feasible path forward.

“We will be supportive of the developers moving forward because their success is Burlington’s success,” the mayor said. “Their success means more homes, more jobs, more revenue to the city.”

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