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UPDATE: Burlington CEDO Releases Moran Plant Plan Details

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:

$23.0 million Construction
$1.9 million Design
$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.

Read LipVT.com's previous coverage of this story HERE.

Stay tuned to Zach Despart's as he reports the ongoing developments of the New Moran Plant HERE.

Visit LipVT.com HERE for more informtion on this and other pertinant news, alongside the latest real estate listings in the Burlington area.

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