For nearly two months I’ve been asking a question . . . and I get at least a partial answer in the newspaper today.
Financing of the first phase of the Allied project rested first on $7.49 million in tax credits awarded in April through the Wisconsin Housing and Economic Development Authority. The CDA is working with Chicago-based National Equity Fund, a national syndicator of low-income housing tax credits, on the sale of those credits, Olinger said Friday. He also said the remaining $1.5 million in financing will come through other mortgages that the CDA is pursuing on a number of fronts.
So, they are still working on selling the credits and they are pursuing other mortgages. However, our legally binding agreement with the CDA says that this was supposed to be in place by August 1st. I’ve emailed and asked in person what happens now. Still no answer. I’ve asked my question of the Mayor, Mark Olinger, the Alder . . . and finally I got a glimpse of hope that I might get an answer two days ago.
Alder:
I am working on a response and should have that completed by this time tomorrow.
Thanks.
m.
Tomorrow came and went.
So, if the agreement says:
The Cooperation and Development Agreement shall be null and void and of no further effect if the CDA fails to obtain at least $9,000,000 in firm financing commitments by August 1, 2008.
then now what? Seriously. Can someone answer the freaking question? We have a null and void agreement to essentially give the land to the CDA. Now what?
