Cottage Grove reviews contract for vacant Home Depot property
The city council has ordered a review on the contract with Home Depot landowner EBL&S in hopes of prompting development.
The former Home Depot building owner, development group EBL&S, has told the city that tenants are lined up, but they have not announced them. No work has begun on the interior or exterior of the building.
The city council had the option to dissolve an assessment agreement regarding the valuation of the property that has been in place since before EBL&S bought it. The termination of the agreement would be in the landowner's favor.
"I don't feel comfortable doing that because I haven't seen anything official per se, come from the landlord yet that he is getting truly closer to getting that center filled," Mayor Myron Bailey said at the Oct. 18 city council meeting.
The city council voted to table the resolution, in order to have the attorney check over the company's contractual obligations. Bailey said the landowner has until the end of the year to do something, "or acknowledge that he's in breach of the sale."
"I have concerns with us giving away that tax number if we don't have development there," he said.
Bailey said EBL&S has told the city stores in the Home Depot building will be open by next August.