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Buyer emerges for 901 Main Street; IDA may be asked to assign pilot and consider extended assistance
Summary
Justin Miller told the IDA Aug. 26 that Marathon, the current owner of 901 Main Street (Courtyard Housing), found a buyer who plans structural rehabs and may request assignment of the pilot and additional IDA assistance; city staff are involved because the city owns the garage under the building and hopes to coordinate security and Section 8 concerns.
Justin Miller (speaker 5) updated the board that owners of 901 Main Street — a courtyard housing project — have a new buyer who intends to rehabilitate the facility. He said the current owner (Marathon) is likely to come to the IDA seeking approval to assign the existing pilot agreement to the buyer, and that the buyer may request a longer pilot or additional IDA assistance to align with financing for the rehab.
"They found a new buyer who wants to rehab the facility and... They're looking to close by the end of the year," Justin said. He added that the buyer is expected to engage the city and IDA, and that the process could include an updated application from the buyer and negotiations over pilot terms. City staff have been actively involved because the city owns the garage beneath the housing towers and has been working to address safety and monitoring concerns at the property.
No formal action was taken at the Aug. 26 meeting, but staff said they expect an application or request in the coming months and will coordinate with the council and the buyer on conditions for any assignment or amendment of the pilot.
