That will augment the $12 million in low-income housing tax credits the project has been awarded.
O’Connor said construction on the project will begin this summer.
In other business, the board also moved forward on three projects in East Liberty, most notably approving $300,000 in loans for Schoolhouse Electric to begin its redevelopment of the former Detectives Building.
Schoolhouse Electric, which has grown from a small Portland company into a national lighting, housewares and furnishings provider, intends to use part of the building as a light manufacturing/assembly and east coast distribution facility for its products. It also plans a coffee shop, and flex office space for the upper three floors. The $8.2 million project is expected to create about 60 jobs.
The authority also approved $45,000 for environmental testing on a former gas station site which is to be part of the East Liberty Mellon Orchard redevelopment, and also agreed to pay Maklin Engineering Company $675,000 for design and engineering services related to the conversion of North and South Euclid avenues and Station Street, formerly Penn Circle, to two-way traffic.
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