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Housing authority approves $160,000 revolving fund to speed Plaza East emergency repairs
Summary
The Housing Authority approved a $160,000 revolving loan to Plaza East Associates LP to provide contractor liquidity and accelerate completion of emergency repairs at Plaza East, reducing the projected completion date from December to October 2023, staff said.
The commission voted to authorize a modification to an existing loan and provide Plaza East Associates LP an additional $160,000 in revolving funding to allow a small, minority-owned contractor to continue repairs at Plaza East and speed completion.
CFO (identified in the meeting packet as Mamadouning) explained that emergency repairs at Plaza East covered 187 units; 152 units have been completed and 35 remain. The repairs totalled 773 completed repair items with 333 outstanding. Because the contractor, Marcus Lyons Company, had only a roughly $50,000…
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