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Arguing there is little chance the Marguerita Residence Corporation will even need the funds, the planning and operations committee on Tuesday recommended the full council approve the request.
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The full council’s final vote is expected to happen next Tuesday.
The recommendation comes a week after city council waived almost $193,000 in building permit and wastewater fees for the non-profit corporation building an 88-unit seniors’ apartment building on the site of the former St. Vincent de Paul Hospital.
The request for a guarantee of up to $750,000, to cover possible construction cost overruns, was made at the insistence of the Marguerita Corporation’s lender, TD Commercial Banking.