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Redevelopment authority approves consent for South Holyoke Homes transfer as developer outlines Phase 1 completion and Phase 2 partnership plan
Summary
The Holyoke Redevelopment Authority voted to consent to a developer assignment for Phase 2 of the South Holyoke Homes project and heard updates that Phase 1 is near completion; the developer described an ownership structure that would speed state funding if the HRA joined as a partner with limited liability.
The Holyoke Redevelopment Authority on April 16 approved HRA consent to an assignment tied to Phase 2 of the South Holyoke Homes project and received an update showing Phase 1 construction largely complete and a Phase 2 ownership proposal intended to accelerate state financing.
The consent vote covered an assignment to a new entity for Phase 2 (described in meeting materials as a subsidiary sometimes referred to as Housing Innovation Partnerships). The board approved the consent by roll call after staff recommended the change as consistent with the master development agreement and counsel indicated it was standard practice. The motion passed on a roll call with all members voting yes: Stephanie Ward; Tiffany Espinosa; Thomas Creed; Carl Leaker; Patrick Bodrey; and Daphne Borg.
Board members and staff also heard a detailed construction and…
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