PBK seeks changes in movie theater purchase agreement
WORTHINGTON -- PBK Real Estate LLC sent the city of Worthington a modified purchase agreement Tuesday for a parcel of land off of U.S. 59 North on which it plans to build a new movie theater.
WORTHINGTON - PBK Real Estate LLC sent the city of Worthington a modified purchase agreement Tuesday for a parcel of land off of U.S. 59 North on which it plans to build a new movie theater.
The two parties have been trying to come to an agreement for the property since July 2016. The new agreement contains several contingencies, including one that the city must have title work for the parcel done before PBK buys the property.
“We’ve kicked this can down the road for almost two years and we hope the city accepts this most recent agreement,” said Kevin Donovan, a partner in the project. “It’s now back in the city’s court to agree to these changes. There are a few contingencies to be resolved, including getting the title work done.”
The engineering department is currently preparing a clean abstract of title for the parcel, according to Jason Brisson, the city’s community and economic director.
“We certainly have no problem issuing it if that's something they need to get agreement done,” Brisson said.
He estimated the title work would be done by next week. As for any other requests from PBK, the city will need to get direction from the Worthington City Council, Brisson said.