Press Release: City reaches agreement with developer of Independence Station
Date: March 11, 2013
Contact: David Clyne, City Manager 503-838-1212 clyne [dot] david [at] ci [dot] independence [dot] or [dot] us
The City has reached an agreement with the owner of Independence Station, the Granada Trust, to settle an outstanding debt for amounts owed the City which was incurred during the partial construction of the project. The agreement provides Granada Trust 12 months to meet its obligations free of threat of foreclosure. To do so, it is expected that work will be restarted on the project.
While the City is anxious to see its debt obligation met, it is equally if not more anxious to see work begin again on this project. To that end, the agreement provides more reason to have hope for this site than has been available for a number of years.
Should the 12 months pass without satisfying the debt, the City would have the right to take immediate possession free of any right of redemption. The City believes this to be a strong incentive for the Trust to find a way to get the project underway.