The Economic Development Authority authorized Hellmuth & Johnson to develop the necessary documents to create two condominium units at River City Centre: one unit consisting of the retail/commercial area and the second consisting of the residential units, skyway, parking garage and common area that would include the elevator, lobby and community room.

In the condominium, each owner will also have a 50% undivided interest in the common elements and the associated costs for maintenance.

Attorney Michael Klemm will provide an overview of the process and necessary documents that will be created and will answer questions.

The current real estate arrangement, created some twenty five years ago, is very complicated and burdensome to all parties. 

The new ownership will have two representatives from each ownership group.  If there is a disagreement, the parties would go to arbitration.  The EDA will be responsible for the outside of the commercial area.  The CDA will be responsible for the parking garage, skyway and the residential units.  Both parties will have a joint responsibility for the roof since all of the commercial space mechanical units are on the roof along with necessary mechanical chases.

If either party sells to a private party,  the remaining owner would now have three votes to the new unit owner's one.  

Attorney Klemm will be providing all of the documents at a later date.  We are in the process of cleaning up the title of underlying land so that a new plat can be created.

Attorney Klemm presented this material to the Scott County Community Development Agency at its January 9, 2023 meeting.