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Millcreek reviews $24 million East Block bond proposal to fund parking, hotel, retail and affordable homeownership
Summary
City staff outlined a financing plan that would generate about $24 million in bond proceeds to build a 272-stall parking garage, hotel and retail condos, plus subsidize owner-occupied affordable units; key items — tax-exempt status, final parameters and market interest rates — remain unresolved.
Millcreek City Council members on May 12 heard a staff presentation on a proposed East Block redevelopment package that would generate roughly $24,000,000 in bond proceeds to fund a 272-stall parking structure, a hotel, retail condominiums and land set aside for owner-occupied affordable housing.
The proposal matters because it combines large upfront borrowing with public land use decisions and ongoing revenue pledges. Jason Birmingham, financial adviser with LRB Public Finance, told the council, "What we're looking to generate is approximately $24,000,000," and said the Millcreek Community Reinvestment Agency (CRA) would be the bond issuer to preserve flexibility for the redevelopment effort.
City economic development director and city manager Mike Winder laid out how the East Block components would fit together: moving the Fine Art tenant…
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