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Senior complex tries again
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MONROE - The city of Monroe is again ready to sell a municipal parking lot to Silverstone Partners, Inc., allowing the company to make a second attempt to participate in a federal tax credit program to build a a 60-unit senior housing complex on the corner of 16th Avenue and 8th Street.The sale is contingent upon Silverstone's acceptance into the program next spring, which would give the Middleton-based real estate development and investment firm about $5 million in federal tax credits for the nearly $8 million project. The tax credits increase the investor's down payment in the development by lowering mortgage and financing costs. It does not relieve the firm from paying property taxes.The Monroe Common Council approved the sale Tuesday on an 8-to-2 vote, with Neal Hunter and Sara Conway voting against the motion.The property would be sold at its estimated fair market value of $42,700.The city approved a similar conditional sale of the same property last December, but Silverstone Partners' program application this April did not score high enough to participate in the IRS federal Low-Income Housing Tax Credit Program, administered by the Wisconsin Housing and Economic Development Authority (WHEDA).WHEDA did, however, say it liked the site and the market for the project, according to Tom Sather, president and CEO of Silverstone Partners.This time around, the firm is "partnering with a non-profit organization and the Federal Home Loan Bank," which should help raise its score, Sather said Wednesday.Adding the two new entities to the project plans will allow the firm more access to soft money, such as home funds and zero-percent interest loans, and to stimulus funds, Sather explained.