The Macon-Bibb County Urban Development Authority on Friday unanimously rejected a Seattle company's application requesting up to $14 million in revenue bonds to purchase and renovate downtown Macon's Dempsey Apartments.
According to discussions at the authority's board meeting, Integra Property Group's plan called for $13 million to acquire the building and another $7.5 million for renovations.
The vote was 5-0 vote against the plan. Integra, according to its website, is an affordable-housing investment firm. In Georgia, the company has properties in Atlanta and Savannah.
Board members weren't comfortable with nor were they entirely clear on the company's future plans for the Dempsey, once a landmark hotel at the corner of Third and Cherry streets. It currently provides low-cost housing for 200 or so people.
There was talk at the meeting that Integra planned to see the building's current Section 8 housing agreement -- which is set to offer so-called deep-subsidy housing there for about another decade -- extended beyond the middle of the century.
Board chairman Chris Sheridan said after the vote that the authority's aim was twofold, "to look after the residents in that building and look after the long-term viability of that building for downtown."