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Footer Dye Works Developer Withdraws Tax Credit Application

March 19th, 2015 by WCBC Radio

Faced with a $60,000 bill attached to accepting state tax credits, Footer Dye Works developer Michael Joy has essentially withdrawn the tax credit application- hoping to reapply for those credits later this summer. In a related action, the Canal Place Preservation and Development Authority and Footer Building Development announced Wednesday that an agreement had been reached to extend the Exclusive Negotiating Privilege Agreement “ENP” to March 30, 2016. Dee Dee Ritchie, Executive Director of Canal Place told WCBC News that the actions were necessary as a result of the uncertainty about the availability of $1.2 million in state capital funds for the project…





 

By extending the agreement by a year, and with Joy ready to reapply for tax credits in late summer- it would appear as though the Authority and the developer are bracing themselves for the possibility that state capital dollars won’t be made available in 2015. Just last month Governor Larry Hogan told WCBC News that his capital budget was essentially set in January, and he anticipated no changes….





 

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