Mayor Greg Fischer is pulling an ordinance that would have given an $850,000 forgivable loan to the Cordish Company.
Cordish owns substantial downtown property including 4th Street Live. The city funds would have reportedly been used to move a new tenant into the area.
Fischer says new information has come to the administration’s attention and has raised legitimate concerns. But Fischer will not say what those concerns are. The previous administration gave Cordish a $950,000 forgivable loan to renovate a bowling alley, and the decision was widely criticized.
Councilman David Tandy reportedly withdrew his sponsorship of the latest loan legislation.
Fischer says the city remains committed to working with Cordish to grow the downtown economy.