News Column

BRIEF: URA tweaks financing for renovation of Masonic Temple building in North Side

July 11, 2014

By Aaron Aupperlee, The Pittsburgh Tribune-Review



July 11--The Urban Redevelopment Authority of Pittsburgh tweaked its financing for a plan to renovate the vacant Masonic Temple building on West North Avenue in the North Side into apartments and a space for the nonprofit City of Asylum.

The authority had threatened to pull out of the development deal with Allegheny City Development Group LLC if the company did not complete construction drawings and other documents by June 24.

The company met the deadline, URA Executive Director Robert Rubinstein told the board of directors on Thursday.

The board voted to increase a grant to the developer by nearly $100,000 to $1.3 million and decrease a loan by about $90,000 to $1.4 million.

The changes were needed because Allegheny City Development Group LLC will not seek historic tax credits for the development and will sell City of Asylum its space instead of renting it, URA Housing Director Thomas Cummings told the board.

___

(c)2014 The Pittsburgh Tribune-Review (Greensburg, Pa.)

Visit The Pittsburgh Tribune-Review (Greensburg, Pa.) at www.triblive.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Pittsburgh Tribune-Review (PA)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters