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4A Board approves land sale and $950,000 in staged incentives for downtown redevelopment
Summary
The 4A Board unanimously approved a land sale and an incentive package to support a two-story redevelopment that includes $950,000 in staged cash grants, a $3 million capital investment target (excluding land), and a schedule that calls for construction to start by Oct. 31 and full occupancy by May 1, 2028.
The 4A Board voted unanimously to approve a land sale and related incentive package designed to support a two-story redevelopment in the Old Town plaza area.
A presenter for the developer outlined the agreement’s main terms, saying the project anticipates a $3,000,000 capital investment (excluding the land), a $1,100,000 land purchase with a closing by April 1, and a construction timeline that defines “commencing construction” as pouring the foundation by Oct. 31. The developer must complete the project by Dec. 31, 2027, obtain a certificate of occupancy and open to the public by May 1, 2028. “So a total incentive of 950,000,” the presenter said,…
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