Rochester Today- Chateau Theater Purchase Timeline + The Ordinance of the Month
Rochester City Attorney Terry Adkins provided additional details about the proposed purchase of the Chateau Theater my the city during his monthly appearance on the Rochester Today Show with Tracy McCray and Andy Brownell on KROC-AM.
Adkins, who was closely involved in the negotiations that led to the purchase agreement for the historic downtown Rochester landmark, described the timetable for the proposed acquisition during his visit to the KROC-AM studio Wednesday morning. He says the purchase agreement will be presented to the Rochester City Council on April 6th. If the Council approves it, the city will then need to send a non-refundable "earnest money" payment of $60,000 to the current owner of the Chateau.
A vote to approve the purchase agreement would also start the clock on a 60-day comment period, during which the city could back out of the deal for any reason while forfeiting the $60,000.
At the end of the comment period, in early June, the City Council will be asked to proceed with the purchase and schedule a closing on the deal this summer. Adkins noted that the purchase agreement states the city would be required to make payments of $1-million dollars to the property's current owners for each month the closing is delayed after the scheduled date. Those payments would be applied towards the purchase price.
Listen to the show by clicking on the play button below and check out the Ordinance of the Month at the bottom of this post.