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Council accepts up to $250,000 credit agreement with Alexander Foundation for downtown MBX site cleanup
Summary
Council voted 6-4 to accept a credit agreement of up to $250,000 from the Alexander Foundation to assist demolition, remediation or redevelopment of the former MBX property at 201 N. 1st Ave; loan has no interest for the first three years and can be prepaid without penalty up to Sept. 2028.
The Common Council voted 6-4 to accept a credit agreement of up to $250,000 from the Alexander Foundation to support redevelopment work at the former MBX property, 201 N. 1st Ave.
Council members spoke at length about the merits of accepting foundation support at an early stage. Opponents said accepting the money could be premature because due diligence,…
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