New details regarding the redevelopment of the Moran Power Plant have been released by The Burlington Community and Economic Development Office. This version of plan details is more detailed than the previously released progress report by New Moran, Inc., providing key information about scheduling, cost estimates, funding, and market analysis.
Included in this report is a complrehensive line-item budget of redevelopment costs. In addition to the previously released total project cost estimate of $33.7 million, the budget breaks down as follows:
|$3.1 million||Soft Costs (e.g. marketing and permitting)|
|$4.1 million||Loan Interest and Insurance|
|$1.3 million||Contingency Costs|
Additionally, the line-item budget outlines tarket amounts to be raised from the five sources of funding for the project:
|$14.4 million||Federal Tax Credits|
|$11.0 million||Charitable Donations|
|$6.3 million||Tax Increment Financing|
|$1.1 million||Low Interest Loans|
|$540,000||Tenant Fit-Up Capital|
$14.4 million of funding, 43% of the total estimated project cost, will be sourced from the Federal Historic Tax Credit and the New Markets Tax Credit.
New Moran, Inc. remains on schedule to complete the redevelopment project by fall 2017, and hopes to reach negotiation agreements with the City Council of Burlington by September of this year.