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Old Posted Dec 23, 2006, 2:11 AM
donybrx donybrx is offline
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Join Date: Mar 2004
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It's official. Green light for Murray complex. Shovels to 'hit the ground' next spring.
Downtown blighted area to realize:

The Murray Complex Strategic Plan - Wilkes-Barre, PA - Program planning for a 16-acre, 13 building, 480,000 SF site - historic renovation and new construction
---55 condos
---retail
---dining
---entertainment........

(Wish we'd get some renderings of these projects!)

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Posted on Fri, Dec. 22, 2006

W-B Area signs on to Murray Complex plan
Board OKs a tax increment financing plan for condos, shops and restaurants at site.

By JANINE UNGVARSKY Times Leader Correspondent

WILKES-BARRE – Voicing praise for the developers, the Wilkes-Barre Area School Board voted unanimously to approve the district’s participation in a tax increment financing plan to fund renovations to the Murray Complex.

Wilkes-Barre attorney Frank Hoegen, speaking for the Siniawa family – the Scranton-based developer of the $22 million project in the century-old warehouse space – said the condominiums, shops and restaurants would serve as a catalyst for further development.

“The Siniawas are going to borrow $15 million and pledge their properties as collateral. They are taking a huge personal risk to take a blighted area in downtown Wilkes-Barre and turn it into a showcase,” Hoegen said.

According to the resolution passed Thursday, the school district will join with Luzerne County and the city of Wilkes-Barre to develop a tax increment financing plan to fund $2.2 million of the debt for the project’s first phase. That phase calls for 55 condominium units and businesses that will generate an estimated $313,000 in taxes beyond the $20,000 the 480,000-square-foot site now nets the district.

“That increase will be created by virtue of the improvement to the property,” Hoegen said, “and the difference will be channeled to the (Luzerne County) Redevelopment Authority to pay the debt service on the loan.”

He said the district will continue to receive the $20,000 in taxes it currently receives, as well as mercantile, transfer and income taxes generated by the property. At the end of the 15-year term of the financing plan, the additional tax revenue will be split between the city, the county and the school district at a rate yet to be agreed upon, according to the resolution.

Luzerne County Commissioners approved participation in the plan earlier Thursday. Hoegen said the city is expected to decide soon whether to join in.

Project architect Alexander J. Belavitz said the plan is to “have the shovel in the ground” to start the project by late spring or early summer.

In other business, the board approved a bid for $76,000 from low bidder G.C. Wall to repair two crumbling chimneys at Meyers High School.

Last edited by donybrx; Dec 23, 2006 at 2:16 AM.
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