New London Update – The Perils of Pauline

The December 12, 2007, issue of the New London newspaper, the Day, reports in an article by Elaine Stoll (NLDC And Developer Agree To Terms On Fort Trumbull) that New London and its redeveloper Corcoran Jamison (CJ) have agreed to grant the latter until May 29, 2008, to come up with financing for the Fort Trumbull redevelopment project.

       “If it fails to come up with the money for the housing portion  of  the project, the developer would forfeit all rights to that housing as well as two office buildings and a hotel it planned to build without litigation and would allow the NLDC to seek another developer.” NLDC is the New London Development Corporation, a city-created nonprofit to whom the execution of the Fort Trumbull project was delegated.

So is it a done deal now? A definite maybe. The CJ President is expected to sign the extension agreement on Monday, but if he fails to do so NLDC will hold CJ in default of the development agreement.

 Stay tuned.