Council Gives Go-Ahead To CU To BuildBranch

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OSWEGO, N.Y. - (05/26/04) This city’s Common council haseliminated a "reverter clause" that was keeping Oswego CountyPublic Employees Fcu from getting financing for a parking lot itwants to build here in conjunction with a new facility. The site islocated along a so-called "paper street" and had been sold to thecredit union in 2001 for $1. In exchange, the credit union willinclude public parking on the site. But the so-called "reverterclause," which is put in place to ensure properties are developedin a timely fashion and in the manner the purchaser had stated, hadbecome an obstacle.

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