Municipal Garage: Potential buyer SHG gets deposit – and that’s that!

City of Hoboken announces:

The City of Hoboken and SHG announced today that they had reached an agreement to settle pending litigation arising out of the termination of the purchase and sale agreement relating to Hoboken’s Municipal Garage. The settlement provides for return to SHG of their $2,550,000 deposit, which has been held in escrow since the original agreement was entered into on June, 2008. Each party will bear its own legal fees and costs incurred in connection with the transaction and ensuing litigation. In addition, as part of the settlement, SHG would waive its claim for a return of its $200,000 redevelopment fee.
“This Agreement will allow the City of Hoboken to move forward with its long term plan to relocate the Municipal Garage to a non-residential area,” said Mayor Dawn Zimmer.
Both Hoboken and SHG hold each other in high regard and may work together on future projects, including the Municipal Garage

Talking Ed Note:  I thought this was suppose to be a debacle?

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