By ROBERT KOCH
Hour Staff Writer
The Common Council on Tuesday night approved a letter of intent under which the Norwalk Redevelopment Agency could buy the former Globe Theatre at 71 Wall St.
The property is owned by Mary A. Kyriakides and lies within the footprint of Wall Street Place, a new housing, retail and office space planned for the Isaacs Street area.
The council approved the letter of intent in a late-night vote of 10-4 following discussion of the sale price. Several council members who voted against the approval said Kyriakides paid $1.1 million for the property.
Under the purchase plan, the Redevelopment Agency would buy the former theater using a $2 million federal loan. Of that, $1.58 million would go toward the purchase. Up to $370,000 would be available for environmental remediation purposes. The letter allows the agency to examine the property.
The agency would lease the building to Wall Street Place developer POKO Partners LLC. The theater is required to be used as an arts/cultural use under the city’s Wall Street Redevelopment Plan.
Councilman Nicholas D. Kydes, brother-in-law of Kyriakides, recused himself from the discussion and vote on the letter of intent.
Council approval of the letter is one of three conditions necessary for the Redevelopment Agency to purchase the property using a U.S. Department of Housing and Urban Development Section 108 loan in the amount of $2 million. Other conditions are council approval of the loan application to HUD and council approval of a memorandum of understanding under which the city would lease the building to POKO Partners.