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Sold! Council inks deal for Blues Factory PDF Print E-mail
Wednesday, 18 May 2016 17:32

Developer to buy lakefront parking lot for $250,000; city to kick in $1 million for entertainment complex

Port Washington aldermen on Tuesday voted 6-0 to sell a city-owned marina parking lot to developer Christopher Long for a Paramount blues-themed entertainment complex.

Long, president and CEO of the Blues Factory Inc., will purchase the lot for $250,000, and the sale must be finalized by Aug. 31, according to the agreement approved by the Common Council following a 35-minute closed session.

Ald. Mike Ehrlich was absent.

The sale is contingent on a number of things, chief among them approval of a developer’s agreement by June 7, unless the city and Long agree on a later date, said City Atty. Eric Eberhardt, noting that is a “very short time.”

That agreement is to include a $1 million incentive payment from the city, which is to go toward acquisition and redevelopment of the property, he said. The agreement will also cover the use of public financing sources, such as tax incremental funding.

Last Updated on Wednesday, 18 May 2016 17:40
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