Fredericksburg has reached a preliminary settlement agreement with the developer of the National Bank Building property, likely ending 10 months of litigation that has cost the city more than $155,000.
The settlement, which offers incentives for the developer to scale back the project, will be presented to the City Council for a vote on Tuesday.
“The city believes this is the potential compromise that produces the win–win we have been looking for,” City Manager Tim Baroody said.
