With a quorum of four members, the Industrial Development Board (IDB) unanimously approved a resolution for a development contract with The Lake District (TLD) tonight (9.5.17). It was a called meeting for the IDB.
Steve Laster, chair of the IDB, confirmed the meeting and vote and said it is the same development agreement Developer Yehuda Netanel was seeking two weeks ago with additions. See LC story: https://lakelandcurrents.com/idb-defers-decision-on-the-lake-district/.
The planned urban village is to be on the southeast corner of I-40 and Canada Road and was announced with much fanfare to Lakeland citizens in April 2016. It is to replace an aging and closed outlet mall and include hotels, restaurants, office space and residential lilving.
Among benchmarks added to the agreement are the following, according to Mr. Laster:
- By Friday, (9.8.17) Developer Yehuda Netanel has to pay $20,000 to cover the attorneys’ fees.
- He has to demolish the annex by December 2017.
- He has to demolish the main mall building by April 2018.
Mr. Laster said if all requirements are not met, then the agreement is breached.
As noted in the Aug. 17 story, the property is set to be sold on the Shelby County Courthouse steps Friday.
Mr. Laster said it is hoped that Mr. Netanel will have an agreement with the lender and the Friday foreclosure will be cancelled. As soon as that is resolved, Mr. Netanel will notify the City.