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Sarasota News Leader November 1, 2013 Page 30 try to find parcels of land to put under contract to maximize their profits," he says. The Authority doesn't have that flexibility. "We are really focused on redeveloping a specific property. So we're kind of caught because we can't pick up and move." threw out five of the seven housing authorities," Russell says. He understands that it's important for the state to know all the key players in a deal, he adds, but to throw out the whole application over that was "silly." So the Housing Authority appealed the decision, But this time around, the Florida Housing and on Oct. 1, it made its case in Tallahassee. Finance Corp., which administers the tax Russell was on "pins and needles" after credits in Florida, put out a specific Request that hearing, until he got some very good for Proposals for housing authorities. The news last Friday, Oct. 25. "Assuming the Sarasota Housing Authority placed second [Florida Housing Finance Corp.] board out of seven, qualifying it to receive the cred- accepts the hearing officer's recommended its. But, problem: The Authority's application order (which is standard), Janie Poe III will did not specifically identify the manager of FINALLY be awarded 9% tax credits and we The Michaels Development Co., the developer can shortly begin developing the final phase working with the Authority on the project. of the Janie Poe redevelopment," Russell "This one staffer, who was responsible for wrote in an email to stakeholders. "This is looking at the corporate structure — she tremendous news." Elected officials and project managers celebrate the opening of King Stone Townhomes in Newtown in January. Photo by Norman Schimmel

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