PEDA Takes Steps Toward Silver Lake Walking Trail
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In order to build the walking path, following environmental remediation of the lake by General Electric, the city must amend the existing Definite Economic Development Agreement that was forged in 1999 to correct an oversight in regards to the ownership of the property, PEDA Executive Director Corydon Thurston said at Wednesday's meeting.
At the time of the original agreement, it was believed that the city owned the shoreline but it was later discovered that titles for these parcels still resided with the original property owners. The titles had not been transferred to the city when Silver Lake Boulevard was built through an easement nearly a century ago.
The board voted unanimously to make the amendment, which also requires a vote from the City Council.
"The lake is already looking beautiful, and once the shoreline is remediated, it really will be a lovely recreational asset," said Thurston, who anticipated that both the general public and specifically future employees of businesses on the William Stanley Business Park adjacent to Silver Lake will enjoy the future walking path.
The board also voted unanimously in favor of motions to accept transfers the parcels of shoreline to PEDA.
Other PEDA News in Brief:
- Waterstone Development, the firm behind a controversial new shopping center plan at the PEDA site, is expected to have its plans completed by late March for presentation to the city, at which time it can begin to undergo the permitting process.
While Thurston said lease negotiations with the developer were expected to take place parallel to that process, any agreement PEDA and Waterstone may arrive at is entirely contingent on receiving the required permitting from the city. Only then will Waterstone be able to enter into agreements with any potential tenants.
- In response to a request from the City Council for an update on PEDA's activities and progress in the past year, Thurston said he will appear with a presentation at the Feb. 14 council meeting.
