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Senior housing project deal not done yet

Officials are still moving ahead with planning a 38 to 40 unit senior housing project in downtown Warren.

But it’s going to be a while before the deed actually transfers to the development.

City Manager Nancy Freenock told the City Redevelopment Authority on Wednesday that the deed transferring the property – 231 to 217 Pennsylvania Ave. W. – from the city to the RDA is “in the process of being recorded.”

While the plan will be for the RDA to ultimately transfer the property the developer, Hudson Companies, Freenock said an agreement of sale has yet to be completed.

And it might be a while before one is done.

Freenock said that the Warren County Development Association has asked the city for permission to place construction vehicles at that location during the upcoming renovation to the PNC Bank building a block away.

She said the city is in the process of giving that permission and said it would be “easier to let them finish construction” before moving ahead.

She said closing on the sale agreement might not happen until later this year or early next year.

Freenock also noted that Hudson wants to see a lease completed for tenants to use space in the parking garage before completing the agreement. She called that “pivotal” for the project.

The funding for the project would come via federal tax credits administered by the Pennsylvania Housing Finance Agency.

The Times Observer previously reported that no money will change hands as part of the deal and that the sale agreement includes timelines under which the property would revert to the city if the project is not completed. The developer will be demolishing the existing buildings within one year of the transfer of title and – if the property reverts to the city in the future – the city will be on the hook to the developer for the demolition cost.

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