City Council voted unanimously September 13, 2016, to move toward a settlement agreement with NBB concerning the building of townhouses on George Street behind the former National Bank Building.
Developer Mike Adams offered a redesign of the proposed townhomes in exchange for an economic incentive of $300,000.
By adopting the resolution, City Council started the process, explained City Attorney Kathleen Dooley. The resolution directs city staff to implement the terms of the agreement, which begin with scheduling a public hearing on September 27.
If after the public hearing City Council approves the redesign and the incentive package, then the lawsuits will be dismissed, Dooley said.
If City Council denies the certificates of appropriateness and/or the incentive package, the lawsuits would continue.
November 8 is the deadline for city action. The time frame could be extended by mutual agreement.
Adams’ proposed redesign includes:
– Reducing the number of units from seven to five.
– Reducing the height of the units by five inches, to 44 feet, four inches.
– Removing one of the stories of the units.
– Lowering the cornice.
– Providing a front yard on George Street, and a side yard on Charles Street.
The redesign of the townhomes will be available for public viewing at City Hall and on the city’s website, Dooley said.
The Fredericksburg Economic Development Authority (EDA) voted September 12 to fund City Council’s economic incentive of $300,000. The city will pay NBB $150,000 upon completion of the rehabilitation of the National Bank Building and the issuance of certificates of occupancy for the first two townhomes. The second $150,000 is due upon completion of the rest of the project.
The city will reimburse the EDA at three percent interest on the outstanding balance.
The Architectural Review Board (ARB) approved Adams’ plan to build seven, four-story townhouses, but City Council voted 6 – 1 in November 2015, to suspend the ARB’s approval.
Adams’ company sued City Council in November, seeking to void their action.
City Council then filed a lawsuit against NBB, asking the court to dismiss the lawsuit. City Council also filed a lawsuit against the ARB, claiming citizens were not properly notified of the public hearing.
More
EDA Votes to Fund $300K Incentive to Settle NBB Lawsuit
City Council to Vote on NBB Townhome Settlement
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Future of National Bank Building May Head to Trial
Developer Sues City Council Over Proposed Townhomes
City Council Overrules ARB’s Approval of Bank Property Townhomes
Preservation Group Opposes Plans for National Bank Building Property
Downtown Fredericksburg’s Historic National Bank Building Sold
Historic National Bank Building For Sale
Historic Bank Closes its Doors in Downtown Fredericksburg
