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EDC staff says a developer's request for infrastructure and leaseback housing was refused
Summary
A developer proposed infrastructure aid and a plan for the EDC to lease and operate low-income housing above retail; staff told the board the request was rejected as inconsistent with the EDC's priorities and said the developer left displeased.
Staff recounted a meeting with a developer who proposed building a retail center with second-floor low-income housing that the EDC would lease and rent out, and requested infrastructure assistance for the site. The staff member said the request was declined immediately as inconsistent with EDC priorities: “They will get no money from this body. We will not do anything that they requested,” the staff member said.
Staff characterized the meeting as brief and said the developer was not pleased after staff turned down the proposal. The EDC will not provide the infrastructure assistance or enter into a landlord arrangement for the proposed units, and staff asked board members to disregard any later criticism from that developer.
