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Council approves easements and TIF amendments to advance Riverton Park affordable housing project
Summary
The council approved a set of easements and amendments to tax-increment financing documents to support the Riverton Park affordable housing project, granting the city limited easement rights and adjusting the district and credit enhancement agreement to reflect project changes. Staff sought emergency passage to meet a construction-loan closing.
The Portland City Council approved easements and amendments intended to clear the way for construction at the Riverton Park affordable-housing project, including drainage and sidewalk easements and amendments to the project’s tax-increment financing (TIF) and credit-enhancement agreements.
Mary Davis, director of Housing & Community Development, said the project’s financing and unit affordability mix changed while securing MaineHousing funding, and the city needed to amend the previously…
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