The future of Burlington’s northern waterfront, will not include a plan to re-develop the old Moran Plant.
It was announced Friday, the city and a group called New Moran Inc. could not reach an agreement on how to spend TIF funding, approved by voters in 2014.
This was the last attempt at a big overhaul of the former coal burning plant, that’s been obsolete for 35 years.
As for what’s next, the city will now come up with a site resolution plan, that includes demolishing the building. It could take a year for that to be finalized.
Mayor Miro Weinberger told reporters Friday this was a difficult decision to make, he wanted to save the building.
“I am optimistic that we will look back on this decision today as a needed one and one that opened up new and creative possibilities for the Moran Site that ultimately, not long from now, allow the public to finally reclaim the Northern Waterfront in full,” Weinberger said.
Weinberger says he doesn’t have a vision yet for the space, he said he doesn’t necessarily want it to be a park.
The Community Economic Development Office, or CEDO estimated demolition costs to be around $3 to $10 million. The city’s budget, because of TIF funding, is $6 million.
Also, Senator Patrick Leahy helped secure a $1 million dollar grant, that was specifically earmarked for re-development. The mayor says he’s looking into whether that money can be saved.
The city of Burlington also released a demolition report that includes how much it would cost to take down the building. You can read the report below.
This is a developing story, Mayor Weinberger is expected to comment on his announcement on Friday afternoon.