Development of the Laura Street Trio of historic buildings Downtown has hit a dead end, according to a City Council member and documents filed by the Downtown Investment Authority.
In a newly filed resolution, the DIA says the owner and lead developer, Steve Atkins, rejected options presented to him by the city and DIA after the Council opted not to vote on a package of incentives and a $22 million “city participation loan” for the project in January.
Instead, the Council sent that package back to the DIA to revise and renegotiate, citing concerns the package could violate the state constitution and could subject the city to debt upward of $265 million if the developer defaulted.
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