Director Anderson: developer agreements advancing; DEED requires financial assurances by March
Director Anderson said the city EDA approved adjustments to the Prospect Alpha developer agreement and that DEED-guided financial assurances must be submitted by end of March because DEED approval can take about six months. He also said developers estimate roughly $250,000–$260,000 per apartment unit.
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Director Anderson updated the board on two economic-development prospects and on workforce housing initiatives. He said the city EDA approved adjustments to a developer agreement for Prospect Alpha and that the authority had sent the revised agreement to the developer; Anderson told the board he expected information back by Monday.
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