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Arnett, Budge want City to buy Fawcetts for $4.5 million

| September 22, 2014, 10:33 AM | 0 Comments

fawcettsoldIn the ongoing saga of the Fawcett property, Aldermen Joe Budge and Ross Arnett want the City to purchase the property for $4.5 million; the property is assessed at $3.2 million.

Budge and Arnett are introducing the legislation this evening and will be presenting a letter of intent from the sellers outlining the payments which will stretch over 5 years.

The City does not have a good track record in managing commercial properties as is evidenced by the debacle with the Market House that began in 2003 and continues to this day. Additionally, the City’s budget, while balanced on paper, does not appear to be solid enough to support a nearly $5 million dollar acquisition.

Eye On Annapolis is aware of at least one other viable plan for the property that apparently is being placed on the backburner until the City makes their final decision.

One thing is for certain, the property is a political hot potato and there will be plenty of opinions on this. If past history is any indication, there will be no clear consensus.  During the recent Mayoral election, Mayor Pantelides opposed the Mark Ordan project earning the support of the now defunct Save Annapolis organization.

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