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A downtown Williamsport apartment developer at the former YMCA building wants $1.1 million in American Rescue Plan funds or it may have to halt the project.
A JBAS Realty representative spoke recently to the City of Williamsport Economic Revitalization Committee to ask for the ARPA funds for the apartments under development at West Fourth and Elmira streets.
The committee said the ARPA budget has to be reviewed before it could consider such a commitment of funds and the funding is nearly all allocated.
Developer John Basalyga is overseeing the rehabilitation and construction of 34 market-rate apartments at the building. It is about 60% completed.
This project could be halted without that degree of funding, said Jason Fitzgerald, president of Penn Strategies Inc., a lobbying group assisting the developer.
The apartment builder wanted to open by the end of the year and begin leasing but may have to delay without the financing through the ARPA.
Fitzgerald noted how the city has allocated ARPA funds to projects that are not shovel ready and this one is over halfway to completion.
By no fault of its own, construction costs inflating by 20 to 40% were to blame for the need for the financial assistance.
The developer says the building was gutted, preserved in places, with framing added, electrical, plumbing, window installation and roof to prevent further damage put on three years ago.
In response, city Councilman Eric Beiter, committee chair, said he appreciated the investment and work done so far and suggested the developer apply for a small business loan program through the city in the interim.
Basalyga also told city officials that he would first not want to take any financial assistance and is working with a local bank to secure more financing to ensure the project is done.