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Mayor outlines $44 million O & W redevelopment; RECAP Head Start to be primary tenant
Summary
The mayor described the O & W downtown redevelopment as a $44,000,000 project with RECAP Head Start as a primary tenant; financing includes historic tax credits, new market credits, and a $10,000,000 RECAP obligation the city hopes to reduce by securing additional state funding.
The mayor told the council that the O & W redevelopment is expected to be a roughly $44,000,000 project with RECAP’s Head Start as a primary tenant and multiple state and federal financing sources involved. "As you know, this is a $44,000,000 city project," the mayor said, noting that the project combines historic tax credits, new market tax credits and other federal and state grants.
The mayor said RECAP is contractually responsible for about $10,000,000 of the project cost and that city officials are seeking support from Assemblymember Paula Kaye and other state leaders to reduce the city’s borrowing need. He encouraged aldermen to tour the site in the coming weeks. The council offered praise for the project and flagged continued oversight of financing and grant awards as a priority as the project advances.
