Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves amended Section 108 loan documents for 1400 Marcus Street project
Summary
The council adopted a resolution authorizing the city manager to execute Section 108 loan documents and related contracts for the 1400 Marcus Street project after HUD recommended amendments; city staff said the project aims to close financing, including New Market Tax Credits, between February and March.
Wheeling’s City Council voted on Jan. 20 to approve a resolution authorizing a multiyear Section 108 loan agreement and related documents with the U.S. Department of Housing and Urban Development for the 1400 Marcus Street project.
City Manager (introduced as 'mister Harris') told the council that HUD reviewed the previously approved documents and requested amendments; the amended resolution incorporates HUD’s recommendations but does not change the project’s scope. The manager said the project still intends to close its financing — including new markets tax credits associated with the project — between February and March, and that a contractor has been identified and stands ready to begin construction once financing is finalized.
The council moved, seconded, and approved the resolution by roll call. No member requested extended debate on the amendments during the meeting. The city manager described the Section 108 loan as a key piece of the project’s financing package.
Next steps: staff will finalize loan documents with HUD and continue work to close the project’s financing.
