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Knight Foundry Purchase May Be On Chopping Block |
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Thursday, 18 September 2008 |
 By Holly Boitano - The City of Sutter Creek’s acquisition of the historic Knight Foundry may be on the chopping block. Monday Night, the City Council held a closed session in which they discussed the deal, which has been in negotiations for years. At the beginning of the meeting, Knight Foundry Corporation Director Andy Fahrenwald updated the council on the progress of several grants that the corporation has been seeking for the purchase and clean-up of the foundry. Fahrenwald said that last year, the Corporation did not receive a Sierra Nevada Conservancy grant because of a technicality, but has reapplied for two more grants from that organization this year. Knight Foundry Corporation has also applied for more than 2 million dollars in other grants, including a $400,000 grant from the EPA to assist with clean up. Fahrenwald said that the Corporation has raised and spent more than $600,000 so far on the clean-up process. Later on in closed session, the Council rejected the foundry owner’s counter-offer to an offer the city made to purchase the property. The City then submitted a final offer to the owner, and should hear the outcome sometime next week. If the owner rejects the City’s final offer, the deal to purchase the foundry will be dead. The City’s agreement with the Knight Foundry Corporation will also be null and void, as it expired with the closing of escrow. “The City will still be able to enter into a new agreement with the Knight Foundry Corporation, so that they can continue to raise money,” said Assistant City Manager Sean Rabe. “So basically, things will continue in a state of flux.”
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Last Updated ( Thursday, 02 October 2008 )
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