The City of New Rochelle has issued the following statement:
On February 6, 2014, the City of New Rochelle received a letter from Forest City’s counsel, notifying the City that Forest City is terminating the Memorandum of Understanding (“MOU”) between the City and Forest City relating to the Echo Bay Waterfront Redevelopment Project (the “Project”), and demanding reimbursement of the costs and expenses it voluntarily chose to invest in the Project.
While the City appreciates Forest City’s efforts and cooperation during the course of the public review of the Project, the City’s position is that there is simply no legal contractual or other basis for its claims. Public waterfront land is an important asset of the City. While it is unfortunate that the parties were not able to reach full agreement on the Project, there is no question that the City diligently and in good faith performed all its obligations in accordance with the relevant agreements. In the event that Forest City determines to pursue its claims against the City, the City is prepared to take all necessary actions to defend itself.
With the termination of the MOU, the City will continue to explore new opportunities for the redevelopment of its waterfront in accordance with the stated goals and objectives of the citizens of New Rochelle, and the best interests of the City.
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