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La Porte UEA approves $100,000 increase to downtown renovation grant for Barr Holdings
Summary
The La Porte City Urban Enterprise Association voted to raise a previously approved $150,000 special grant for Barr Holdings to $250,000 to help cover cost increases for the planned redevelopment of 814–816 Lincoln Way. The board agreed to split payments across two fiscal years and to take a second lien position to the project lender.
The La Porte City Urban Enterprise Association voted to increase a previously approved special grant for Barr Holdings from $150,000 to $250,000 to help cover cost increases on the planned redevelopment of 814–816 Lincoln Way.
The vote came after a presentation from Bert, a UEA staff member, who said the developer had pursued a state design release that required modifications and raised the project’s cost "significantly." Bert said the building is being redeveloped with two commercial spaces on the ground floor and apartments above and that developers had been through multiple iterations before concluding the original grant amount would not close the financing gap.
UEA staff wrote an amended special grant agreement that increases the grant by…
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