At today’s regular meeting, Council approved a recommendation for the Town to exercise its right to resume ownership of a key downtown property after the current owners made the decision not to begin construction. The Town had sold the land, commonly known as the Landmark site, to a private developer in 2018 for a proposed distillery and eatery.
“While we are disappointed that the distillery will not be constructed, Council’s decision to repurchase the property will ensure the Town maintains additional levels of control for any future development at this location. This ensures Council’s goal to animate the downtown can be achieved,” said Mayor Bill Robertson.
Banded Peak Ventures had intended to begin construction in September, 2020. An extension was provided until March, 2021 when further discussions with the developer indicated that construction would not be going forward. The Town then had to decide whether to exercise its option to resume ownership for the original purchase price of $325,000, less eligible costs as outlined in the purchase agreement.
The Town will continue to explore opportunities to sell the property to other investors.