The Village of Brewster and Covington Development, LLC have signed a memorandum of understanding regarding the latter's role in the urban renewal process.
Finalized earlier this week, the document acknowledges that—following an update to the Village's comprehensive plan, and the approval of a master development plan—the two agencies will enter into a public-private partnership pursuant to a land acquisition and development deal (LADA). It will "set forth the rights and obligations of the parties for the implementation" of the master development plan.
The goal of urban renewal is to rid Brewster of blight and deterioration while promoting economic growth and development, the document notes.
Covington, which is based in Clock Tower Commons in Southeast, developed The Highlands Shopping Center, located on Independent Way in town. The company is also listed as the applicant for the Crossroads 312 project, which calls for a hotel and retail businesses to be built on Route 312.
The memorandum of understanding is posted on the Village's website.
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