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Jordan Park gets $1.7-million in tax creditsBy LEONORA LaPETER © St. Petersburg Times, published October 3, 2000 ST. PETERSBURG -- The Jordan Park public housing complex has secured a final piece of financing for its redevelopment, ranking first among those competing for low-income housing tax credits and ensuring that the project will be built as planned. St. Petersburg received $1.7-million in tax credits, which it will sell to investors for $11.9-million, about half of the project's construction cost. "This is sort of a significant milestone in the acquisition of necessary financing to do the development," said Russell Sibley of Greater Miami Neighborhoods, a private consultant hired by the authority to manage the project. "It means there will be an investment of more than $11.9-million in south St. Petersburg to help revitalize Jordan Park." Jordan Park's application originally was the lowest-scoring among five housing projects seeking tax credits from the Florida Housing Finance Corp. That rejection appeared to throw the project's financing into jeopardy. Without the tax credits, the authority would have had to scale back the project. Developers sell the tax credits to private investors, who pay an average of 80 cents on the dollar for the right to cut their federal tax bills by the amount of the tax credits. The St. Petersburg Housing Authority won a $27-million grant from the Department of Housing and Urban Development to rebuild Jordan Park. The public housing complex, just south of Ninth Avenue S and west of 22nd Street S, has been largely demolished. The Housing Authority board is expected to review and approve a development agreement with Landex Corp.'s Jordan Park Development Partners at a special meeting Thursday. Construction on the project's water and sewer lines will start in November.
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