Richmond Economic Development Authority Votes To Change Stone’s Lease

imageFrom the Richmond Times Dispatch:

Between two closed sessions during a special meeting Wednesday, the development authority board rescinded its Dec. 18 vote that authorized Chairman Julious P. Smith Jr. to sign a lease with Stone. The board then voted unanimously to allow Smith to sign a modified lease “with such revisions and changes as he deems appropriate in his business judgment” and approved by lawyers.

After the meeting, Smith said the lease approved in December was an early draft. Since then, he said, lawyers have added language and “redefined the scope and cost of the project.”

“It got to the point where I felt like there had been so many changes from the original draft to what we have now that we should bring it back to the board and get them to look at it before I sign it,” said Smith, who would not specify any of the changes the authority planned to make.

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