Escape Clause Was For Protection

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Editor:

Recent articles in the Payson Roundup have pointed to "an escape clause" in the contract between The Door Stop and The Town of Payson regarding The Door Stop's future building site. This "escape clause" is actually a "protection clause" for the Town of Payson.

This so-called "escape clause" keeps a business from promising economic development, then changing direction after the closing and reselling the property at a profit.

Under the clause, if the promised development does not materialize, then The Town of Payson purchases the property back at the original sales price. The original purchaser then loses all property taxes paid on the property, all interest paid on the property, all closing costs and all price inflation the property may have realized since the purchase.

This protection clause was a smart move by Payson's leaders because it protects Payson and certainly would discourage any nonserious business from completing the purchase.

James Hill

The Door Stop

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