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Real Development reduces its request

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.

Stay tuned.

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