Legacy Summit not happening???

You be the judge!

downtownguy commented on this in his blog. It can be found at www.downtwonguy.blogspot.com.

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"Maybe, Maybe Not

Okay, got this following comment in regard to the planned Legacy Summitt at Arts Central apartment complex at Walker Avenue and Robert S. Kerr:

You may be waiting a while on Legacy Arts Summit. It may never even happen.

I talked to an insider yesterday and the problem with this development is that relies too heavily on TIF money.

Most of what TIF is available has been earmarked for the Skirvin.

That's why it's a virtual guarantee that McDermid's proposal for The Hill will win, because it requires no public financing.

Similarly, I think the slow-to-adapt powers that be are finally figuring out that a preponderance of rental units downtown isn't a long-term solution.

If they're going to support a housing project with public financing, why not encourage ownership and stability in the downtown market?

They're catching on. Better late than never. Until then, don't hold your breath waiting for the Legacy Arts Summit development

I'm not sure who your inside source is, but I have my doubts on what he or she is saying. Here is why. Yes, it's true the Skirvin relies heavily on TIF, but the TIF money for Legacy Summitt had already been approved before the Skirvin deal. Also, the financing and performa for the Skirvin is looking better than it was last fall, possibly reducing the need for TIF funds. So, unless there is a last minute surprise increase in the costs for the Legacy garage (that was the portion requiring TIF), I'm counting on construction still starting within the next several weeks. The talk I hear is that a groundbreaking is close to being scheduled.

As far as the Deep Deuce hill goes, there may be some politics afoot on this matter. It's clearly a contest now between the 141-unit housing development proposed by health sciences bigwig William Canfield and the 272-unit mixed use development led by architect Anthony McDermid and developer Bert Belanger.

Yes, it's true that the McDermid/Belanger proposal calls for no TIF, while the Canfield proposal asks for $4 million. Will that make McDermid/Belanger's Ellison Park a sure winner? Don't be too sure.

- The Downtown Guy
www.downtownguy.blogspot.com"

Too bad. It would have been next door to me.

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Yeah I think good ole boy Fred Jones Hall may rig the Hill deal. too bad

As downtownguy said, this is just a rumor circulating....there may in fact be no truth in it. As downtownguy said, the TIF for this project was already approved, so the rumor really makes no sense.

Still, it would be a huge loss to the downtown community if Legacy Summit isn't completed.