Clock is ticking on Continental Square plan
York City last week gave developer Derek Dilks a take-it-or-leave-it deal: Secure funding for the proposed project for the old Citizens Bank building by Sept. 16, or it's off the table.
Dilks had sought to purchase the former Citizens Bank building at 1 N. George St. from the city's Redevelopment Authority. He has said he might convert the building into luxury apartments or condominiums as well as space for a restaurant and an area to display art.
"It's effectively an ultimatum," said David Cross, chairman of the city's Redevelopment Authority, after the board meeting on Wednesday. "The clock starts today."
Dilks, who did not respond to repeated requests for comment, has been trying to buy the property for more than a year, according to Cross.
He has said the project will occur in stages, and he proposed purchasing property on Continental Square in the middle of town incrementally.
The RDA denied that plan following a meeting and an hour-long executive session Wednesday. Officials decided Dilks must secure funding for the entire $400,000 property by Sept. 16 and move toward settlement or walk away, Cross said.
"We want him either all in or all out," Cross said.
Dilks also is required to come up with $10,000 for the option to have the month to secure financing, Cross said. That money is not refundable, but if the plans do move ahead by Sept. 16, it can be applied to the sale price.
Cross said he understands financing can be prohibitive, however, the developer must commit or walk away.