Riverview President Street, LLC (“PS”) and the City of Savannah have reached a comprehensive agreement/settlement to resolve litigation and development related issues associated with two parcels comprising approximately 16 acres (the “PS Property”) located at 925 E. President Street and 1303 E. President Street. These parcels are located along the south side of President Street at the Bilbo Canal, across from the Eastern Wharf project. The agreement resolves pending and potential litigation associated with code compliance and blight tax matters, a pending appeal of prior eminent domain actions, and threatened claims of inverse condemnation. The agreement also facilitates a land exchange whereby the City will receive from PS lands and easements needed to widen the Bilbo Canal (to provide public benefits in the form of a significant basin drainage improvement project) along with funding in the amount of $2 Million toward canal construction. In exchange, the City will grant a portion (3.3 acres) of City-owned property located adjoining to the west of the PS Property. In addition, the City will acquire a critical 3-acre temporary construction easement needed for the Oglethorpe force main project at a cost of approximately $58,500. The agreement also addresses fill and flood plain mitigation issues, establishes future access plans for the PS Property, and more. PS plans to rezone the property to mixed-use commercial and residential uses and commence development in the near-term future. Future development of the PS Property will enhance the eastern gateway to the City of Savannah and add significant value to the tax roll.

Approval