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Fri June 22, 2012
City Center II Developer's Financing Plan Front and Center in EL
East Lansing officials will soon begin discussing critical details of the long-delayed 'City Center II' development.
On Tuesday, the city council will begin analyzing Strathmore Development's 'best proposal' for the $105-million downtown multi-use project..
City Planning Director Tim Dempsey says the proposal hinges on details in the developer's financing plan.
"The city's looking at $20 million in city issued debt, as well as a potential loan from the MEDC," he says. "So making sure that we have sufficient revenue over the course of the repayment time frame is really the crux of the issue in terms of the financial risk to the city."
The public work session is set for 5 to 7pm at 54-b District Court on Linden Street.