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City staff reports $800,000 financing gap for proposed 447 Harrison breezeway project; board resists cash injection
Summary
City and CRA staff told board members July 16 that a Virtuous Cycle proposal to redevelop 447 Harrison Avenue has an estimated construction cost of about $1.2 million and a developer‑reported financing gap of about $800,000.
City and CRA staff briefed the CRA virtual workshop July 16 on the status of negotiations over the 447 Harrison Avenue "breezeway" redevelopment and on Virtuous Cycle’s proposal to purchase or lease the property and build leasable space while maintaining a public breezeway.
Staff summary and financials Brandy Waldron, CRA staff, told the board that the CRA had designed a one‑story breezeway project and planned to commit $500,000 from the downtown CRA budget to construct the original public‑restroom/leasable‑space design. The CRA paused that plan after the Downtown Improvement Board recommended soliciting a private developer partner. Two proposals were received and the CRA’s evaluation committee recommended Virtuous Cycle; the prior board authorized entering negotiations with that company, Waldron said.
Waldron reported Virtuous Cycle now…
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