Progress

Property Acquisitions:



To facilitate the project, the Main South CDC acquired eighteen residential properties and six commercial/industrial properties within the area to be redeveloped. As can be seen from the photographs, these were all severely distressed properties and presented environmental concerns. The site was classified as a “Brownfield”. The cost of the property acquisitions and tenant relocations was covered through a $3.9m LIFE Initiative loan with a Section 108 loan guaranty. The fact that the City was willing to guarantee the LIFE loan indicates broad political support for the project.



We are particularly pleased to report that all of the purchases were negotiated acquisitions and did not involve eminent domain. The Main South CDC’s Board of Directors took particular concern so that displaced owners and tenants were treated fairly and that they be paid sufficiently for their property in order to allow them to move elsewhere; where housing prices may be slightly higher.

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