Real Development has shaved $1.1 million off of its prior request for a $2.3 million boost in city financing, development partner David Lundberg said.
But that’s still more than the city’s urban development office recommends and it would give the city only a 17 percent buffer on tax revenues. The policy is to have a 20 percent buffer.
The discussion is ongoing.
The savings comes from a $414,000 reduction that would eliminate one floor of the high-tech parking garage, trimming 25 spaces. Another $700,000 would be raised privately, Lundberg said without naming any entity as the source of the money.