City mum on port financing plans

The company behind major development plans at the Port of Rochester has answered a June 30 deadline that city officials set for the firm to show it has the financial commitments needed to proceed with the project.

But it's too early to talk, even in broad strokes, about the plan to pay for the high-profile hotel and condominium project or whether the response meets the city's expectations, officials said this week.

City spokeswoman Jessica Alaimo confirmed that the developer, Michigan-based Edgewater Resources, was in the process of submitting information to the city in advance of Thursday's cutoff. Officials are now going over the details to see if it answers what the city was looking for, she said.

Alaimo couldn't say how long that review might take.

"We are unable to discuss the financial information as it is proprietary and under review," Alaimo wrote in response to questions about Edgewater's submission.

The first phase of the port development calls for a 69-room hotel, 27 condominiums, a spa, a restaurant and retail space on what is now a city-owned parking area at Lake Avenue and Corrigan Street.

Source: http://www.democratandchronicle.com/story/news/2016/06/29/city-mum-port-of-rochester-edgewater-financing-plans/86519734/

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