“Covenants running with the land” is a term that is used in real estate concerning covenants that are placed on the property and referred to in the deed. The covenant runs with the land because it remains attached to it despite subsequent changes in its ownership.
The deed to the $10 piece of property the city is “selling” has Covenants that require the property to be used for “industrial use only” The land is zoned “Heavy Industry” TVA says it is industrial use property. Even when they “remove” the covenants, what then?
Now, we have some very smart and highly creative lawyers in this town, just look at how they got the covenants, a park and a pier, removed from the Harbor property and leased it for $100 per year. (by the way, how did they do it?) All this couldn’t be done without a willing and resourceful group of councilmen that makes all this type of — what is the word, “shenanigans?” — possible. I’m not sure though, but they may have called in a specialist from Birmingham to help. The council would not even go for an appraisal!
One other thing while I’m at it, is how the mayor and council reconciles the “breach of fiduciary trust” when selling the land for $10 when they had a company that say’s they will give appraised value, maybe $2,000,000, follow the same policies of the agreement. Hard to believe. They must not be planning on running for office again, shorting the taxpayers 2 million. “Shocks the conscience.”
So, I guess we can only watch to see how this type of legal wrangling is done by a group of the finest in the state.