Why does Greenfire Development need the Citys money?
In order to meet the parking needs for the commercial and retail portions of the project, the developers need additional funding – to help close the gap. The City incentive money is based on the non-residential (commercial, retail) portions of the project, not on the residential portions (apartments, condominiums). The residential development stands on its own. Keep in mind, though, that the $20 million City incentive does not entirely close the financing gap for the project: the developer’s will need to find an additional $10 to $13 million to completely close it.
Related Questions
- Can a county or a city use its portion of the state-appropriated funds to purchase land outside the county borders if money is targeted for watershed protection?
- How does the 1992 Development Agreement between the City of San Diego and the Navy apply to this project?
- Why does Greenfire Development need the Citys money?
