The city had even begun eminent domain proceedings to acquirethe land at a court-approved price. A measure put on the ballotthis past spring, and approved by voters, would allow the city tofloat up to $8 million of property-tax-backed bonds to buy thedevelopment site for a park. The proposed taking of the land is duefor a preliminary court hearing Oct. 24.
Related's withdrawal of its proposal came prior to a scheduledmeeting of the city's Historic Preservation Advisory Board.According to those close to the case, if the preservation group hadruled against the developer's plan, or voted to allow only ascaled-back building, the ultimate value affixed to the land incourt could be reduced.
Meanwhile, an anonymous donor has given $2 million to the citytoward purchase of the land. Additionally, the Seminole Indiantribe is said to have promised a $3 million contribution.
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