CMPA approves use of $12 million of NMTC

On Friday, the Community Maritime Park Associates Board of Trustees approved the budget for nearly $12.2 million in enhancements and additions to the park project, using the funds provided by New Market Tax Credits.

The Additions include $1.8 million for the amphitheater on the bay, $150,000 for a playground and $2.8 million for a marina with 40 slips and the necessary dredging and breakwater. There are enhancements to entrances, South Park and $1,275,000 for the stadium. Total hard costs added: $8.91 million.

There are an addition $3.25 million in soft costs – contingencies, bonds, permits, engineering, general contract margin and working capital for the CMPA.

Here is the approved budget: NMTC Project List and Budget as approved by the Board on 4-23-10-1