Summary
The city wanted to buy a vacant two-office-building property using a rent credit on its Towne Center ground lease instead of cash. Critics said the city can't afford to give up ~$175,000/year in cash rent during a budget deficit, and the building has sat empty for a year. The deal failed 2-2.
At a glance
- Total mentions
- 2
- Last 30 days
- 0
Last discussed Aug 24, 2026.
Impact analysis
About $5.7 million paid via forgone ground-lease rent worth up to $848,000/year by the 2080s.
If revived, the city's real estate portfolio and a prospective tenant; currently no one, since the deal failed.
Taxpayers avoid the risk for now; the seller and any prospective tenant lose the deal as proposed.
Mentions & discussions (1)
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