Developers who shared in the cost of the Monroe Street extension received a payment of $1.5 million through Redevelopment Area Bonds (RAB).

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Redevelopment Director and City Administrator Robert Landolfi briefed commissioners during the Oct. 7 Redevelopment Agency meeting that the payment was being prepared.

The city issued a lump sum payment of $1.5 million via wire transfer, Landolfi said during a telephone interview on Friday. The RAB payment was triggered by the issuance of a certificate of occupancy (CO) for phase one of the project, now being marketed as The Mint.   “We verified expenditures and they had expenditures well in excess of $1.5 million,” he said.

The Redevelopment Agency amended the financial agreement with Dornoch in October 2018 to allow for the use of RABs to reimburse a developer for part of the cost of extending Monroe Street.

As part of the development of The Mint at 81 Monroe St., and The Gramercy, a 45-unit building  on East Cherry Street, Monroe Street was extended across Main Street, through what used to be Parking Lot B, a 55-space surface lot owned by the Parking Authority, which has since been dissolved into a Parking Utility, under the auspices of City Council.

There will be 13 new metered spaces along the new Monroe Street extension and about 14 along Main Street where there are now about seven, in addition to two more spaces on Poplar Street.

The first phase of the 208-unit development began leasing in January The first phase consists of about 116 rental apartments. Construction of the second phase will be based on completion and lease up of the first phase. The five-story project is comprised of 57 one-bedrooms, 35 two-bedrooms, and 24 studios with a ground floor comprised of 119 parking spaces. There also will be about 2,200 square feet of ground-floor retail space along Main Street.

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