Officials involved in the negotiations between the city and Renaissance Downtowns, the Long Island-based developer, say that only a few details need to be polished off before the Bristol Downtown Development Corp. can endorse the proposed agreement. [See reporter Jackie Majerus' story here.]
In all likelihood, the BDDC will back the deal Monday. That's the moment when the details will be made public, said Edward Krawiecki, Jr, the city attorney.
Krawiecki said the agreement will be posted on the city website and copies will be distributed widely, including some for the city libraries.
It is likely the City Council will hold a special meeting to give its blessing to the agreement on Monday, May 24 or Tuesday, May 25, providing residents with about a week to study the materials before a final decision is made.
I'm not sure what the details of the deal are. I've heard conflicting rumors. But I'm sure there is a clear timetable laid out for Renaissance to follow in its quest to revitalize the city-owned 17-acre site where the downtown mall stood until 2008.
I believe that Renaissance will likely make a payment to the city for the property, but I strongly doubt that Bristol will get anything close to the $8 million or more that it's pumped into the site since 2005. We may find out Monday.
One thing is for sure: it will be nice to have all of this move out from the shadows and into the public arena again.
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