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Developer demolition draw sought for 90 Second/Greenfield site; former CVS vacancy status discussed
Summary
City staff reported a developer has requested a $990,000 draw to pay for demolition at the 90 Second Street/Greenfield Avenue site and updated the CDA on the status of the former CVS property at 9220 West Greenfield Avenue, which is vacant and under brokerage.
City staff told the Community Development Authority that a developer for the 90 Second Street site has requested a draw of $990,000 to cover demolition costs; staff said the draw is a loan that will be repaid when construction financing closes, expected at the construction closing in November.
“We’ve had the developer request to draw the $990,000 for the demolition. That is a loan, which will get repaid back when we close on the in…
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