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Option Three : Force Cash Purchase <br /> The City may require Touchstone to buy the <br /> property for $ 1 . 6M , which means that <br /> Touchstone would pay an additional $ 1 . 1M, <br /> and the City would keep the $500,000. <br /> • Covenant remains on property, so property must be <br /> used for hotel <br /> • City gets no parking <br /> Not a recommended option : City loses right <br /> to get property back if project remains stalled <br />