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Footer Developer Won’t Accept Tax Credits; Hopes To Reapply

March 18th, 2015 by WCBC Radio

Faced with a $60,000 fee attached to accepting state tax credits for the Footer Dye Works project, on Wednesday, by mutual agreement the Canal Place Preservation and Development Authority and Footer Building Development LLC  agreed to extend the Exclusive Negotiating Privilege Agreement “ENP” to March 30, 2016. Concurrently, Footer Building Development LLC, with the full support of Canal Place has withdrawn its tax credit application with the Maryland Historic Trust. Footer Building Development LLC fully expects to reapply for these tax credits in August of this year. Dee Dee Ritchie, Executive Director of Canal Place stated, “All parties to the project, especially our legislative delegation, have worked tirelessly to bring the redevelopment of the Footer building to fruition. Due to the timing issues with fees due to (MHT) and the conclusion of the State budgeting process it makes sense to adjust the projected start date of the project to later in the year.” Michael Joy of Footer Building Development concurred saying “Our commitment to the redevelopment of the Footer building is unchanged. We believe this project will benefit the community and the extension approved by Canal Place demonstrates their continued support for our efforts. I appreciate the time and effort spent by the western Maryland delegation to secure funding for needed repairs. I look forward to seeing the Footer building fully restored and returned to productive use.”

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