The Downtown Council has again given itself a one-month extension to decide whether Mefford will receive Tax Increment Financing and approval from City Hall to continue with his project.
In July, Mefford applied for TIF money to rehab the top floors of the 18-story building, but the Downtown Council asked for more time while it pursued a deal that would renovate a larger area that includes the former Bank of America Building across the street where the Council wants to put a new library.
Mefford has already renovated the first three floors of the New England National Bank Building and opened a restaurant and bar. He wants to use tax revenues from the restaurant and bar, as well as the TIF money, to complete the offices upstairs. Another delay would not halt his work, according to Mefford's attorney, but could make it more costly if interest rates continue to rise.
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