The developers are asking for a rebate of 95% of the available Tax Increment Financing generated by the project, with a present value amount of $35 million over the remaining anticipated life of the CRA through 2047.
In exchange, they would agree to restrict the maximum rents on 130 units (10% of the total unit count). The developers say they would prefer to prioritize workers in public service for those units including police officers, teachers, healthcare workers, and fire fighters.
The 130 units would have a restriction of mostly 80% and 100% of Area Median Income, with some units at 60%.
Vertical construction underway last week at the first of three towers: