St. Pete Mayor Rick Kriseman is hoping to save a shopping center the city invested in Midtown that serves many poor residents and plans to ask city council members on Thursday for the money to do it.
Later this month, Tangerine Plaza could be sold in a foreclosure sale, and if that happens, the city could lose its initial $7 million interest. If city council members approve the resolution to pay $2.2 million to satisfy the lienholders, they could retain ownership of the property.
"Mayor Kriseman is intent on preserving our original investment and securing the future of Tangerine Plaza so that the surrounding community is well served," said the mayor's spokesman Ben Kirby said in a prepared statement to The Tampa Bay Times. "Given the planned developments nearby, and the progress we have made on 22nd Street and throughout south St. Petersburg, we believe this is a smart investment in a critical community asset."
The Times reports, if approved, the money would be transferred from the general fund to the capital improvement fund.