SRC Cancels International Village Purchase

(posted 7.20.09)

The Speedway Redevelopment Commission voted 5-0 during a July 20 special session to dissolve the purchase agreement to buy International Village.

SRC Executive Director Scott Harris said they do not have a development agreement from a developer to buy the apartment complex for redevelopment. Although the request for proposals was extended from June 26 to July 10, the SRC was still unable to negotiate a deal with a developer. Harris said there are three parties interested in the complex that the SRC will continue to work with.

Harris said the $100,000 escrow money is to be returned in accordance with the agreement. The SRC borrowed $100,000 from the town's general fund and has until December 31 to repay the loan.

The purchase agreement had a 5 pm cutoff clause to terminate or approve the deal. Resource Real Estate, the apartment's owners, was expected to receive the rejection letter by 3 pm.