Council to vote on funding for North of South project

The City-County Council is set to vote Monday evening on whether to allow the city to issue $98 million in bonds to finance a portion of the $155 million North of South hotel-retail-residential project planned for downtown.

The financing package for the controversial development is up for council consideration following a 7-0 endorsement from its Economic Development Committee on Friday.

Committee members met late Friday afternoon after they canceled their regularly scheduled meeting last Wednesday due to the weather.

Members approved capping the interest rate on the bonds at 6.5 percent. The original rate was set at 8.5 percent.

Committee members also agreed to give the council authority to review the city’s involvement in the project after the development gets started if there are substantial changes in financing.

Locally based Buckingham Cos. is leading the development, set to be built on 14 acres of land owned by Eli Lilly and Co.—now home to a parking lot north of South Street between Delaware Street and Virginia Avenue.