Old Albany presumably not willing to TIF, etc.
This link, noting:
[...] a step closer to fruition as the Indiana Economic Development Corp. awarded $3.3 million for the project this week.
The IEDC awarded the money through the Industrial Recovery Tax Credit Program, designed to assist communities in developing large vacant structures.
Flaherty & Collins Properties, an Indianapolis-based development firm, received the credit in partnership with the city to convert the property, at 411 E. Spring St., into a 157-unit apartment complex.
It appears New Albay is a 'burb of Louisville. And for appreciation of deja vu, and its reassurance dimensions:
"Flaherty & Collins Properties is thrilled to partner with the city of New Albany and the IEDC to make this development a reality," said Austin Carmony, lead developer of the project with Flaherty & Collins Properties. "This public/private partnership brings a luxury residential mixed-use development to downtown New Albany that will add approximately 200 residents with disposable incomes to the area that will further support local businesses. The project will build on the strong economic development that is already occurring downtown, making the area vibrant, walkable and full of activity."
The project will likely require the city to issue a Tax Increment Financing bond to be paid back with TIF revenue generated by the project. The New Albany City Council and Redevelopment Commission will need to vote before a bond can be issued.
City Council President Pat McLaughlin told other media outlets the project could be a key component in future development downtown, attracting residents who would bolster commerce for existing businesses and encouraging more service-oriented establishments to open.
Wow, public private partnership. I wonder how Heidi is doing in Wayzata. I wonder if Wayzata has any Landform consultancy work in its mix.
___________UPDATE____________
Efficiency would dictate there being a Flaherty Fluff-Form:
Flaherty & Collins Properties is thrilled to partner with the city of _______________ and _______________ to make this development a reality," said ____________________, lead developer of the project with Flaherty & Collins Properties. "This public/private partnership brings a luxury residential mixed-use development to downtown __________________ that will add approximately ___________ residents with disposable incomes to the area that will further support local businesses. The project will build on the strong economic development that is already occurring downtown, making the area vibrant, walkable and full of activity.
And it shall redouble to the lasting legacy of every town official embracing Flaherty adventuring; its shepherding and fostering and shearing being as innovative as sliced Wonder Bread.
Special project press release forms could be preprinted, "... said Ryan Cronk, lead developer ..." since Cronk apparently is the Flaherty honcho who gets the slam-dunk stuff from the office.