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Board forgives interest charges on Riverfront parcel to help redevelopment move forward
Summary
Riverfront Development LLC asked the board to forgive approximately $6,001.17 in interest (with taxes of $2,385.03 remaining) on Parcel 213 to clear a financing hurdle for a multi‑million-dollar redevelopment; the board approved the request by voice vote.
Joseph Reeney, attorney for Riverfront Development LLC, told the panel that Parcel 213 has complicated title and cleanup needs tied to a larger redevelopment. He asked the board to forgive interest on older tax liens (leaving the principal outstanding) so the project can proceed and qualify for state cleanup grants.
Reeney said the company was not asking for abatement of the tax principal but was seeking forgiveness of interest. Staff provided figures in the hearing: taxes of $2,385.03 and interest totaling $6,001.17. Reeney described community engagement and changes made to the project in response to neighborhood concerns, and members spoke in favor of clearing the interest to help move the redevelopment forward. The motion to approve item number 5 carried by voice vote.
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