Overview
- The Magdeburg city council voted to waive its pre-emption right for the Eulenberg parcel while attaching conditions to protect municipal interests.
- The council reversed earlier plans to buy the land after the Landesverwaltungsamt again rejected the city's financing proposal, which reportedly would have required at least €184 million in credit.
- Mayor Simone Borris said the city will only withdraw its purchase claim if the buyer repays €24.6 million already spent by Magdeburg and grants the city a seat on the supervisory board.
- Local reporting says a private investor recently offered about €200 million for roughly 100 hectares, but the bid was turned down because it would have broken up the site and harmed its suitability for a single large industrial settlement.
- Intel plans to sell the tract by June, a timeline that has prompted the city to press the state for a rapid agreement to keep the site intact and preserve prospects for a large industrial project and quality jobs.