Developer to pay for extension on Golden Hills School deal
Ryan Cos. signed an agreement last fall to buy the former Golden Hill School building for $1.8 million from Rochester Public Schools. The empty 36,000-square-foot building is located at 2220 Third Ave. SE.
Mark Schoening, Ryan's senior vice president of national retail development, described the t entative plans in September as "…Bringing additional retail to that part of Rochester."
However, Ryan Cos. did not complete its due diligence on the property by a May 31 deadline. That's why the Rochester School Board is slated to vote on a request from Ryan at tonight's meeting to extend that period to Sept. 30. Ryan is willing to forfeit $25,000 in "earnest money" to pay for the extension.
Assuming the school board approves the extension, Ryan pledges that if needs more time before Sept. 30, it will forfeit another $25,000 to extend the deadline to Dec. 31.