Development buyout plans could fall through for Richmond Heights residents - KMOV.com

Development buyout plans could fall through for Richmond Heights residents

(KMOV) – For the second time in five years, the city of Richmond Heights may terminate development plans that promised big buyouts for more than 100 homeowners.  

Many of those homeowners made big plans after receiving sales contracts for $260,000 on their homes, and disappointment is looming.

 

In 2005, Michelson Development offered buyouts, but were unable to close the deal. So Richmond Heights brought a second developer in the last 18 months.

Now, they say United Plaza developers seem to be heading down the same path of making promises, but not showing up with the cash for closing deals.

 

Calls News 4 made to the owners of United Plaza were not returned.

City council will consider terminating another development agreement Monday night.

Powered by Frankly