From our partners at WRJN:
Racine---Doubt continues to grow among some city council members that a massive retail and residential redevelopment project along the Root River will ever be completed by the current developer.
The council vote Tuesday night to approve an extension on a city loan was 12 to 2. But the lopsided margin didn't reflect the growing concern that the Iowa developer won't be able to follow through on his promises. "He has done nothing to instill any confidence in me," said Ald. Sandy Weidner.
Others felt no harm would be done by giving the developer another four months to pay back a $4.5 million loan. "I can assure you that there's no love lost between me and the developer," said Ald. Terry McCarthy. "The pragmatic side of me, however, says why close the door now." Loan collateral includes riverfront property already owned by the developer.
Calling in the loan and stopping the project in its tracks would mean the loss of millions of dollars in state tax credits, and would presumably lead to the city having to search for a new developer.
Little has been done at the site other than some demolition work.
McCarthy believes the developer--whose past is a bit clouded with financial and partner problems--is overextended.
While expressing his own frustration, City Administrator Tom Friedel signaled Tuesday night that he believes the project continues to be viable under the current developer.
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