Rochester News

 

City may loan additional $2 million to Midtown Tower developers

City may loan additional $2 million to Midtown Tower developers

The Rochester City Council takes up legislation this week that would have the city loan an additional $2 million to the Midtown Tower developers.

That would raise the amount of the city's loan to Midtown Tower LLC to $5 million at one percent interest.

A letter from Mayor Tom Richards to CIty Council said updated cost estimates based on costs of the work already done show renovating the tower will cost more than $59 million instead of the $54 and a half million of the original estimate. Much of it is because modern heating and cooling for the tower will cost more than expected.

Midtown LLC, headed by developers Robert Morgan and Laurence Glazer, took over the Midtown Tower project after Windstream bought out Paetec Communications. That ended Paetec's plan to use the tower as its headquarters building.

 

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