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Council committees back $1 million increase in forgivable TIF loan for Monroe downtown housing after cost revisions
Summary
City staff and the Monroe developer told committee members construction costs and design changes reduced unit count but raised private investment; committees recommended amending the forgivable loan from $2.3M to $3.3M to complete the Monroe project at Michigan and Monroe streets.
City staff and the Monroe developer told committees an updated development plan for the Monroe project — a mixed‑use housing development near Michigan and Monroe streets — requires a $1 million increase in the redevelopment commission’s forgivable loan to bridge a construction cost gap.
Caleb Bauer, executive director of Community Investment, told the committee the project’s total private investment rose from about $13.7 million to $17.7 million. The city is proposing increasing its forgivable loan from $2.3 million to $3.3 million, funded from the River West TIF allocation. Bauer said the…
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