Closing was originally scheduled for last Wednesday, when the city learned that the U.S. Environmental Protection Agency had brought charges against apartment complex owner Regions Bank.
The charges relate to the proper disclosure of lead-based paint documents required in the leases of tenants.
City attorney Doug Haynie said Monday he had the bank amend the contract by agreeing to handle all matters with the EPA without involving the city.
“I’m happy,” Haynie said. “It took a long time, but it’s a terrific purchase for the city.”
The Marietta Housing Authority will manage the 200-unit Preston Chase apartment complex, phasing tenants out over the next year or so in preparation for leveling the complex.
The council approved the purchase of the complex on Feb. 3 with the intention of turning it into parkland for the Franklin Road community. The purchase was funded with the $25 million parks bond voters approved in November.
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