Council advances loan-transfer deal for Park Place property and approves second reading to create Fire Station No. 3

Lancaster city staff summarized a resolution to transfer outstanding loans tied to the Park Place property to a new owner and confirmed the council’s assent to a second-reading approval to convert a property at 1381 West Street into Fire Station No. 3.

Staff said the city had previously supported the Park Place owner (Great PD Limited) with a combination of financing: an incremental service amount of $27,000, a $100,000 loan at 2% interest, and another loan of $335,000 at 0% interest. The proposed agreement would allow East Side Equities (referenced as the buyer) or a related residential entity to assume the outstanding debt while maintaining the original affordability covenant for a specified number of units.

According to staff, East Side Equities (described in the meeting as the prospective purchaser) will take on the existing debt and continue the requirement that a subset of the units remain affordable under the terms of the initial agreement. Councilors asked whether the buyer would be required to keep the affordability set-aside; staff confirmed the buyer must maintain the original affordable-unit commitments.

The council recorded its assent to the resolution motion and later moved to approve the second reading for 1381 West Street so the parcel can become Fire Station No. 3. The second-reading approval was announced by roll-call affirmation from council members during the meeting.

The council did not elaborate implementation timelines for the property conversion or supply additional financial details beyond the loan amounts summarized by staff. Staff indicated further steps would follow as required by the transition agreement and by land-use procedures.