The developers hoping to bring a new affordable senior apartment project to the western edge of Mission want another chance to make it happen. But they might have to match other proposals for the city-owned land.
Earlier this spring, Brinshore Development was turned down for state low income housing tax credits for the second year. In a new agreement, which could head for city council approval later this month, the city would extend the contract with Brinshore for the purchase of the old Neff Printing building that is owned by the city along Martway near Panera. However, between now and Nov. 15, the city can entertain other offers to purchase the property under the new proposal.
Brinshore would be notified of any acceptable offer and have a chance to match it and close on the property. After Nov. 15, Brinshore would have exclusive rights on the property so they can make another application for tax credits in the 2016 cycle. The developers have said the project viability depends on receiving the tax credits and they are optimistic that a third application can be successful based on feedback from the state.
Brinshore said it is willing to put up another non-refundable deposit of $22,500 in order to secure the contract. Brinshore has previously put up non-refundable money to help with the demolition of the building, which was torn down this summer.