News from the HDC

We still don't know who the buyer is, but at a special meeting at noon today the board of the Hudson Development Corporation (HDC) voted unanimously to accept the letter of intent from one of the prospective buyers for the Montgomery Street property.

In his opening comments, Bob Rasner, who chairs the HDC board, reported that early yesterday morning he received word that the offer from one of the two prospective buyers had been withdrawn, with no explanation given. He met with the person who had made the other offer, and it remained, but that offer too would be withdrawn if the board could not make a decision by the end of today's meeting.

Rasner likened the process of selling the parcel to a road trip, with children asking from the back seat, "Are we there yet?" At the beginning of the meeting, he suggested that the answer was, "We are very, very close." At the end of the meeting, after an executive session that lasted for half an hour followed by a unanimous vote to accept the letter of intent, Rasner returned to his metaphor of the road trip to conclude, "We are pulling into the Disneyland parking lot right now."

HDC did not reveal the identity of the buyer at the request of the buyer, who wants to make his own announcement. When that announcement is made, you can trust that Gossips will share the news.

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