In order to gain complete control of the Douglas Block, the Rocky Mount City Council agreed to pay nearly half a million dollars to the Rocky Mount Edgecombe Communtiy Development Corp.
City Attorney Jep Rose announced the settlement during Monday’s City Council meeting. The agreement reached in 2017 stretches to 2020 with annual payments totaling more than $400,000.
Rose said the city and the CDC in 2009 entered into a complex structure to receive tax credits in order to redevelop the Douglas Block. When it came time to undue the structure, the city and the CDC disagreed on who should own the Douglas Block even though the CDC was in possession of related documents.
The city and the CDC reached a settlement with aid of an arbiter. Under the agreement: (Read more)