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"We talked about the project from start to finish, and all of the different things that are currently in motion and all of the efforts that are taking place to get this project moving forward. I know there's been a lot of frustration with some delays with the project. After the conversation with the developer, I think it's clear that he's very actively engaged in this project."
That comment from Mayor Glenn Elliott should be welcome news to local residents concerned about the future of the proposed downtown Wheeling-Pitt Lofts. Elliott, City Manager Robert Herron, Vice Mayor Chad Thalman and Councilman Ben Seidler visited with developer Steve Coon recently after Seidler publicly questioned why there was no progress being made on the project, while city taxpayers are funding a parking garage next door.
One concern are escalating costs at the site. The project started at about $28 million, and now is estimated at more than $40 million. Elliott said Coon is working to bring costs in line and get his work underway in the coming months.
"The developer is now looking at some other forms of financing, including a certain type of tax credit program called New Market Tax Credits, which are a little complicated and difficult to use, but they really help make this project make more sense," Elliott said. "We're going to do everything we can to move this project forward. I really appreciated the time up there. It was a helpful meeting, and I'm glad we all did it."
The public should be pleased, as its investment into the parking garage needs to be protected. City leaders who visited with Coon made the right call in going to the source.