Vermont Business Magazine Burlington Mayor Miro Weinberger and New Moran, Inc issued a joint statement today explaining why they have mutually agreed to terminate the Memorandum of Understanding to redevelop the long-closed Moran generating station on the city's waterfront. NMI will still be allowed to submit proposals, but the city will now consider redevelopment plans from other developers.
They signed the MOU in August 2015. Plans had called for a Faneuil Hall type market space on the first floor, an event space on the second floor and innovation/office space on the third floor of what was envisioned as a "net zero," $33.7 million project.
“The City and New Moran, Inc (NMI) have been working under a Memorandum of Understanding (MOU) to redevelop the Moran Plant since August, 2014. Both parties acknowledge that while NMI has created an exciting vision for the building and raised significant community and philanthropic support for that vision, a feasible project has yet to be established to the City’s satisfaction upon the timeline and scope envisioned in the MOU.
“Although time is short, the City continues to be supportive of NMI’s vision and welcomes the opportunity to consider a feasible project proposed by NMI in the near future. Simultaneously, NMI remains committed to and confident in delivering a compelling, financially feasible redevelopment of the Moran Plant.
“Since the City is committed to making a decision about the future of the building in the months ahead, the City must, at this point, take steps that are incompatible with continued extension of the MOU. These steps include analyzing the costs, challenges and opportunities of building demolition, and exploration of whether other parties can deliver promptly the vision of a revitalized Moran building that we have been pursuing for the last two years.
“Therefore, the City and NMI have agreed to mutually dissolve the now out-of-date MOU, while inviting NMI to make further submissions prior to November 11, 2016 so that a feasible proposal can be considered by the City alongside its other options.”
