But Reach said that the firm would seek incentives like New Market Tax Credits, and the breaks received by the developer would go back to the city in the way of the property purchase price. Lake noted that the city has applied for, and was denied, the New Market Tax Credits once before.
Reach added the development — estimated between $24 million and $25 million — is not contingent on receiving the tax credits.
No definitive time was offered, but as soon as the environmental issues were satisfied, White Reach would be able to develop an amended plan in about 60-90 days, Reach said. A realistic groundbreaking would be in Spring 2014, he said.
No action was taken Wednesday. The redevelopment commission agreed to call a special meeting to take action on the RFPs at 5 p.m. Tuesday, June 18 at City Hall, 500 Quartermaster Court.