The Boston Redevelopment Authority weighs time-limit for starting OK?d projects
By Scott Van Voorhis
Friday, August 22, 2008 - Added 5h ago
Developers who win approval to build major projects would have 18 months to get started or face having to return to City Hall to explain the delay, Boston?s top development regulator said yesterday.
The Boston Redevelopment Authority, which oversees plans for major projects in the city, is reviewing new rules that would require developers to demonstrate a viable financing plan before their projects are given a green light, said BRA director John Palmieri.
City officials are weighing plans to scrutinize the finances of developers after concerns that some projects may become stalled after winning approval and digging big foundation holes.
One concern has been the high-profile redevelopment of the Filene?s complex. While the project?s developers have begun demolition, they are still pushing to wrap up financing for a planned tower.
?We understand the economy is tough right now, but we also want to make sure developers don?t proceed to clear sites and then decide they are unable to continue,? Palmieri said.
The BRA often seeks such information, and sometimes has requested formal financing plans.
However, developers are not currently required under city regulations to show evidence of financial backing before they are granted permits to begin work, Palmieri noted.
http://bostonherald.com/business/re...tarting_OK_d_projects/srvc=home&position=also
By Scott Van Voorhis
Friday, August 22, 2008 - Added 5h ago
Developers who win approval to build major projects would have 18 months to get started or face having to return to City Hall to explain the delay, Boston?s top development regulator said yesterday.
The Boston Redevelopment Authority, which oversees plans for major projects in the city, is reviewing new rules that would require developers to demonstrate a viable financing plan before their projects are given a green light, said BRA director John Palmieri.
City officials are weighing plans to scrutinize the finances of developers after concerns that some projects may become stalled after winning approval and digging big foundation holes.
One concern has been the high-profile redevelopment of the Filene?s complex. While the project?s developers have begun demolition, they are still pushing to wrap up financing for a planned tower.
?We understand the economy is tough right now, but we also want to make sure developers don?t proceed to clear sites and then decide they are unable to continue,? Palmieri said.
The BRA often seeks such information, and sometimes has requested formal financing plans.
However, developers are not currently required under city regulations to show evidence of financial backing before they are granted permits to begin work, Palmieri noted.
http://bostonherald.com/business/re...tarting_OK_d_projects/srvc=home&position=also
