Q&A
Council Member Kevin Riley questions the binding nature of the proposed agreement on future buyers
1:05:47
·
51 sec
Council Member Kevin Riley seeks clarification from Richard Lobel about how a future buyer would be bound to the proposed agreement if they are not currently part of it. Lobel explains that their Community Benefit Agreements (CBAs) include provisions requiring documentation and agreements from subsequent owners to be bound by the original agreement.
- The agreement would not be conditioned by the council's approval due to limitations on contract zoning.
- The agreement would be entered into prior to any vote.
- The council cannot take an active role in the agreement due to contract zoning limitations.
Kevin Riley
1:05:47
And thank you, council member.
1:05:48
I I just want you to clarify this with one sentence, please.
1:05:51
Don't give me no no, please.
1:05:54
Richard, you just said a future buyer would be bound to the proposed agreement.
1:05:58
How can they be bound to propose agreement if they're not part of this agreement right now?
Richard Lobel
1:06:02
So there's provisions in our CBAs.
1:06:04
Where we basically say that there's no change in control without documentation and agreements satisfactory to the nonprofit partner that the subsequent owner will be bound by the agreement.
1:06:16
Alright.
Kevin Riley
1:06:17
I just wanna be clear this agreement would not be conditioned by the council's approval.
Richard Lobel
1:06:21
It would that's that's correct.
1:06:23
So due to limitations in terms of in terms of contract zoning, the council can't take an active role.
1:06:31
But so it would not be conditional upon the council approval, but it would be entered into prior to the time of any vote.
Kevin Riley
1:06:37
Alright.
1:06:37
Thank you.
Richard Lobel
1:06:37
Thank you, sir.
Kevin Riley
1:06:38
Alright.