On February 3, 2015, the City terminated both the Master Predevelopment Agreement and the Land Assemblage, Disposition and Management Services Agreement with Wallace Bajjali Development Partners, L.P., as a result of demonstrated facts of insolvency, and for committed acts of gross negligence, fraud, and willful misconduct. A copy of the termination letter is attached.
City Manager Sam Anselm has issued the following statement in response to this action:
“By taking this step, the City can move forward with the recovery of our community through the ongoing redevelopment of both the public and private sectors. I look forward to working with our great staff, the City Council, and with our residents to ensure that any project we move forward with will add value to the long-term recovery and prosperity of our city. We have demonstrated our resolve and resiliency to the world once before, and I hope we can show our true character again as we proceed with the next phase of our recovery.”