|Despite delays, officials promise Loray Mill redevelopment is on cusp of kicking off|
Supporters of an effort to redevelop the historic Loray Mill waited two decades to find a viable source of funding.
After applying for a $20 million Federal Housing Administration loan in early 2011, they waited well over a year for it to be approved.
Since that green light came last June, they've been waiting for the sale of the hulking, six-story building to close, so construction can get moving.
They're still waiting. And waiting. And waiting.
"I've got to be honest," said Gastonia City Councilman Todd Pierceall, during a City Council planning workshop Saturday. "I'm tired of hearing, It's gonna, it's gonna, it's gonna.' At some point, are we going to stop dedicating money to something that isn't getting done?"
The waiting has been frustrating, agreed Jack Kiser, the city's executive in charge of special projects, who is overseeing the Loray Mill venture. But while the foreboding delays have prompted fears that the deal is falling apart, that's not the case, he said.
"It's moving - just not as fast as we all want," said Kiser. "I can tell you I know that it's moving toward closing. We could hear any day now that that has happened."
(The Gaston Gazette, 1/27/2013)