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Tonight: Rain showers turn to heavy ...
City Approves Extra Money To Move Downtown Development Forward
DAYTON -- Thanks to a unanimous vote from Dayton City Commission, the city is adding another $215,000 to its $1 million commitment to redevelop downtown Dayton.
In August 2013, the old Schwind apartment building was demolished to start a new project for 350 student housing units, commercial and retail space.
But for the last eight months, the site has been at a standstill tied up in government red tape and housing restrictions.
The city's director for planning and community development, Aaron Sorrell, says the project is about a year behind thanks to the federal government shutdown in October 2013.
At that time, the Department for Housing and Urban Development, HUD, needed to lift a deed restriction on the property to move the project forward, but Sorrell says that never happened because HUD lost its authority during the shutdown and didn't get it back until January of this year.
And in order for developers to make a May 31 demolition deadline, the city was asked to help with additional financing.
The extra money is not coming from the city's general fund but is being shifted from the "Ohio Moving Forward" Grant.
Sorrell says this money will be used to clean out the rest of the building's foundation, remove all the debris and start grading and seeding for a new building.
The project will be split into two phases, the first to be finished by January 2015.
"We did receive plans and sketches for both phase one and phase two. We're going to move forward with the landmarks process to get that approved and they'll move forward with phase one construction," says Sorrell.
Phase two will start in early 2015 but Sorrell did not give a completion date for the entire project.
The Ferguson Decision
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China unexpectedly cuts rates to support economy
BEIJING (AP) -- China's central bank unexpectedly slashed interest rates on Friday to re-energize the world's No. 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown.
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