Summary
Jonathan LaBonte's column (May 10) about downtown investments was off the mark, and his complaint about the Vincent Square redevelopment is premised on erroneous information.
He cites a "$5 million investment" in the former Vincent bottling plant for conversion to housing, which is roughly double the construction cost. LaBonte may have drawn this conclusion from a recent Sun Journal article by Scott Taylor that cited a $2.5 million loan from Bangor Savings and $2.5 million in tax credits. The $2.5 million from Bangor Savings is a temporary construction loan, which will be replaced by privately funded tax credits, not added to the tax credits.See the full content of this document
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Auburn Housing Solution
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