Due diligence. Before the rush to reclaim the building(s) due to an
implied Redeveloper Default, you'll have to decide if it's prudent to
let the Redeveloper off the financial hook.
Make sure you have access to all records of engineers' field notes and
reports. Make certain you have access to and an understanding of all
applicable laws that would impact any efforts to rebuild, rehabilitate,
or replace any section of the structure(s) in question.
Could be that Asbury Partners has an open can of worms and would love
nothing better than to have some "body" assume the responsibility for
it's preservation... at some astronomical cost...
Maybe Asbury Partners want the City body to exercise a 'weasel clause'
because Asbury Partners want to weasel out of the deal....
Just my $.02
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