Word: buts
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Almost one year ago, attorneys for Stop & Shop first approached the city, expressing an interest in purchasing Riverside Rd. in order to construct a Stop & Shop superstore. The company already owned a smaller store on adjacent land but needed extra space for its larger building.
But in addition to the purchase price, the city would have to pay the company prime-rate interest if it exercised its buy-back option. After 10 years, it would cost the city approximately $2 million to repurchase the land, Healy said.
But an attorney for the company said if an agreement were not reached soon, the current store would have to shut down within two years. The company would then sell the land to another developer, who might not be as restrained and responsible as Stop & Shop, he said.
"There really has been fleshed out everything but a final set of plans," the attorney said. "You know exactly what's going to be there. Sure, you don't have everything you want, but you're not in the dark. You're fully protected."
But councillors remained unconvinced. "I would like to vote for this. But it doesn't smell too good," said Vellucci.