Wilson asks how pre-rehab transfer requirement affects timeline
Wilson asks how the requirement that substantial rehabilitation occur before bonus floor area can be used at a receiving site affects the transfer timeline. Rosenthal says the city would get the benefit of the bargain first, so Roundabout may need a contract or bridge loan to fund the interim.
So part of the text amendment adds that the bonus floor area can only be used by a receiving site once the substantial rehab in the theater has been completed.
How does this impact the timeline for the transfer of development rights?
There's a number of...
One is that the city will be able to get the benefit of the bargain, meaning the rehab work will be done before you can then sell the development rights.
So you'll either have to have a contract ahead of time or a bridge loan or some other mechanism to fund during that interim period.