Here we go again.
Somehow the City of West Palm Beach found a way to become entangled in a real estate deal that may ultimately benefit the city but leaves its residents and even city commissioners befuddled as to how it got there.
Commissioners last week decided to buy back control of three subleases on two adjacent city-owned properties along the waterfront that includes Elisabetta’s Ristorante. Five years ago, the city’s Community Redevelopment Agency gave the property for development to a builder in a no-cost lease, but recently the developer decided to sell the leases for $25.5 million. The CRA’s buy-back recommendation came with interest charges that boosted the price to $40 million…