13 abc has learned of a delay in the renovation project at the Fiberglas Tower downtown. The developer want renovation on $30 million dollar project to by Christmas. But a delay in a tax credit could push back renovation until late summer.
The Tower on the Maumee project is expected to revitalize downtown Toledo.
The developer wants to fill 28-floors with apartments, hotel rooms, a restaurant, stores and perhaps a gym.
But the recent financial fiscal cliff in Congress has forced a delay.
An investor who wants to be part of the project needs a $4 million dollars something called a New Market tax credit. Funding for the tax credit was just passed by congress but the money may not be awarded until April or May.
Nick Eyde, the developer with the Eyde Company out of Lansing, MI told 13abc reporter Bill Hormann today, "We're very pleased funding has been re-instated for the tax credit. We are committed and finding a way to get this project done."
Eyde's company has put $1.6 million into the parking garage next door and spent $2 million dollars cleaning out the asbestos in the building.
If the investors get the tax credit, closing on the property could happen sometime in July then renovations could begin by September.
But right now, the project rests on the investor getting that $4 million dollar tax credit.
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