Developers say MEDC resources unavailable; underwriting could take a year
Project team told MEDC it resubmitted as a transformational brownfield but was informed community revitalization resources were not available; developers cautioned MEDC underwriting timelines can take a year or longer and that new state tools must be found to close the gap.
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Jennifer Acosta and Shannon Morgan told the group they met with MEDC staff in late October and were advised that the project could be considered under the transformational brownfield pipeline, but that Community Revitalization Program (CRP) resources and other state tools were not currently available to commit. Morgan emphasized that MEDC underwriting processes vary and can extend a year or more for some projects.
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