The Beacon News

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January 7, 2015

Council approves development extension

By Chris Erickson

City Attorney Scott Solem spoke on the issue, noting that after the original developer’s agreement had come past its October deadline the city had held a recent meeting to get on the same page. The late-December meeting among city representatives and Terra Nova developer Nadir Torres has come to an agreement where the city received the deed to property that Torres had agreed to develop, but failed to so far.
According to Solem, Torres was confident in finding enough financing by Jan. 16 to secure the project.
“There was an issue as to the validity to the bond that was previously provided on that project,” Solem said, noting that Torres had indicated his willingness to finish the project.
Solem said that through discussion the city indicated that it had lost confidence in the project. The property in question was subject now to a mortgage by The Union Bank, something the city would have to satisfy if taking the property back with the deed.
“In any event, Mr. Torres is currently out of the country finishing up his financing with the intention of coming back before the 16th,” Solem said. “I spoke with him as recent as Friday to confirm the 16th was a solid date and he indicated that it was. I said I would follow-up with him what the council decided.”
Mayor Darrell Bjerke then asked for clarification before any council vote.
“So what’s before us is do we agree that we want him to do the project and wait until the 16th to see if the funding is sufficiently established in that checking account,” he said. “Or if we don’t want anything to do with him any longer we can do that, file that deed and and the property is ours.”

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