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The authority unanimously approved up to $47,000 from its Local Brownfield Revolving Fund for eligible costs at the Chipp development. It also approved a FY 2026 budget adjustment for the Vault project and reviewed a revised proposal that replaces the planned bank redevelopment with a hotel and a private 120-space parking facility.
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The Chipp developer can receive up to $47,000 to cover eligible unexpected development expenses, with repayment handled under the existing agreement. The Vault project is being redesigned as a hotel with private parking rather than the originally planned bank redevelopment and residential component; revisions to the brownfield plan and reimbursement agreement are expected to return for review in March or April. The authority generally supported the revised direction, but the excerpt does not show final approval of the revised plan.
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