The city has terminated its tax increment funding (TIF) agreement with Cleopatra Investments for the redevelopment of the T&P Warehouse on Lancaster Avenue, due to Cleopatra’s inability to provide a funding plan for the project, said Jungus Jordan, District 6 city councilman and chair of the Lancaster TIF board.
The city and Cleopatra have been discussing redevelopment of the eight-story, 580,000 square-foot building since 2007, when the board promised $11 million to Cleopatra to assist with the project. But since Cleopatra has not presented the board with financial documents outlining the funding plan for the project, no money was rewarded.
City staff and attorneys last met with Cleopatra on April 21. Jordan said the parties met for 12 hours but couldn’t come to a resolution on how to fund the project.
Economic Development Director Robert Sturns said Cleopatra has not indicated that the group will attend the next Lancaster TIF meeting on May 16.
Cleopatra owns the T&P Warehouse and will be responsible for figuring out how to rehabilitate the building in the future, Jordan said.
He said the city still hopes to see the building rehabilitated, but as of now, the building remains vacant.