Smarter Neighbors

Last night a straw poll by Laurelon Terrace owners supported Children’s Hospital’s buyout offer for their condo. Of course, this doesn’t mean that Children’s will be writing checks in the amount of 2.8x the value of each unit anytime soon. What is required for this deal to go through are the following clauses:
(You can download a copy of the proposal with all the terms here.)

1. The state legislature must pass HB3071, a bill to retroactively apply the ownership percentage (from 100% to 80%) required to change the law of any condo older than 1990.

2. The deal is contingent upon final approval of Children’s master plan and the plan must include expansion of the major institution boundaries to include Laurelon and must include development standards that meet Children’s satisfaction.

3. The city must approve street right-of-way vacations on terms determined by Children’s.

4. And to quote from Children’s,

‘Laurelon Terrace Board must publicly support Children’s MIMP and development of the Laurelon Terrace site as a positive solution for Children’s and the community.’