Tuesday, July 3, 2007

Hurdle Hop

Redevelopment group passes Harrison Square bond lease

"Harrison Square cleared another financing hurdle this morning with the approval of a $50 million bond lease."

"The lease agreement will move to City Council for consideration, though a specific date is not set. If council approves the project, the bond will be sold in late September or October, said John Wernet, the commission’s attorney. Wernet said after the bonds are sold the final numbers will be inserted into the lease and a definite payment schedule will be created."

"The three member authority met specifically to discuss the bond which will have both taxable and tax exempt elements. The parking garage will be taxable since it will be used for private business. The stadium and public places within the development will be tax exempt, Wernet said."

"Authority member Irene Walters asked if the Grand Wayne Center financing was definitely going to happen. Wernet, who attended a meeting of the Convention and Tourism Authority last Friday, said four board members indicated they will support the project if the hotel brand is high enough quality."