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Committee approves Downtown Investment Authority assistance for historic rehab on Lower Street
Summary
The committee approved DIA assistance for a historic rehabilitation project near Laura Street, including forgivable funding and a deferred principal loan. The package drew debate over the ratio of private equity to public subsidy before passing 4-2.
The Neighborhoods Committee approved a Downtown Investment Authority (DIA) funding commitment for a historic rehabilitation project on Lower Street that the DIA said would restore retail space and activate a key downtown corridor.
DIA CEO Laurie Boyer and underwriting lead Steve Kelly described the proposed commitment and the developers proposed equity contribution. Steve Kelly said the projects modeled total development cost is roughly $5.8 million and the minimum owner equity requirement in that model was $900,000; the developer indicated a…
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