What is the story behind the
        $3.6 MILLION  
           Maud  Park
   AKA the reverter parcels?

Issac Trabue dedicated the land along the water to the residents in the form of parks.

The parcels containing the old fishing docks known as  Fishermen's Village buildings and the parcels containing the Reverter parcels, which included Maud Park, were sold to Jon Larmore's Fishville LLC in 2016.
 
The city had conditions attached to the reverter parcels because they were only selling the property if certain improvements promised by Jon Larmore were completed. If the improvements were not completed, the two reverter parcels would revert back to the city ownership and Jon Larmore would retain the other parcels.
The improvements were to be completed within five years of the closing date.  In 2019 the completion date was extended to 2024.  

The improvements have not been completed.

Per the signed contracts and extensions, these agreements could only be assigned to affiliates of Jon Larmore's company. 

This is all detailed in the purchase agreement and two extensions.  see below links to read for yourself.