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Developer says Main & DeKalb project financing is ready pending LERTA, seeks council and school‑board coordination
Summary
The developer updating council said plans and permits for the Main & DeKalb mixed‑use building are complete and financing sources are lined up but that tax‑abatement (LERTA) and school‑board timing are critical to close; council members sought contingency plans if LERTA is not approved.
A developer representative updated council Nov. 5 on the Main & DeKalb project, a proposed Class‑A residential building near the courthouse. The presenter said construction documents are complete and that financing partners — a senior lender, CPACE financing, equity investors and grant support — are in place, but that current market conditions require a layered capital stack and tax‑incentive staging (LERTA) to make the…
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