Timeline tweaked for Lafayette Village project

Developers have an additional six months to get government approvals for Meridia Lafayette Village and the timeline to begin construction on the 115-unit rental development has been changed to six months after approvals are received.

Delays and difficulties in obtaining permits and approvals from the state Department of Environmental Protection (DEP) have affected the ability of the developer to meet the project schedule outlined in the redevelopment agreement so the Redevelopment Agency passed an amendment to the agreement at its June 19 meeting.

The date for getting government approvals will be extended from 12 months to 18 months from the effective date (October 2012) while the date for receipt of construction loan commitment and commencement of construction was reduced from 12 months from the effective date to six months after government approvals are received.

Lafayette Village, slated for the corner of Main and Monroe streets, was approved by the Planning Board almost a year ago and a redevelopment agreement was reached last October but the Zoning Board had to approve changes to the plans in May. The agreement first called for construction to begin within a year of the effective date (October 2013) and completion within three years (October 2015).

Under the redevelopment agreement, the developer will pay a development fee of $100,000: $25,000 upon execution of the redevelopment agreement, and $75,000 upon issuance of a permanent Certificate of Occupancy by the city.

*** July 11 UPDATE: George Capodagli of Capodagli Property Company said he expects to apply to the state on Monday, hoping that the DEP will grant approval within three months.***

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