We are proud to report that the Trustees of The Harry and Jeanette Weinberg Foundation have approved a $2 million grant to support construction of The Green House(R) Residences at Stadium Place. This grant has provided momentum to our fundraising campaign, as we continue to meet with prospective donors and request leadership gifts. A campaign cabinet is meeting weekly to coordinate GEDCO and Green House Residences fundraising efforts. Another major component of our financing plan is a New Markets Tax Credits (NMTC) transaction, which would provide at least $2 millions towards the project. This is a very complex transaction, but we feel confident that the pieces are coming together. A financing task force is assisting in our meetings with banks and organizations to obtain bridge loans and NMTC allocations.
The design team has distributed a bid package, and five contractors have met the qualifications. We will be selecting a general contractor for the building on April 2. We are also finalizing terms with the potential operator of the project.
