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Mayor Samuel Teresi said he is optimistic the stalled $5.3 million renovation of a historic city building will move forward this year.

Teresi bases his optimism on a meeting about the Chadakoin Building, at Third and Washington streets, with Thomas Van Nortwick, regional director of the state Division of Housing and Community Renewal.

The project, which is being undertaken by the Chadakoin Limited Partnership group, would feature offices and a YWCA day-care facility on the first two floors, and apartment housing on the other four floors.

The project received a high ranking from the state agency for funding last year, but an application for $3.6 million didn't quite rank high enough.

Teresi said Van Nortwick made it clear that the state would like to see the project move ahead.

"They had a chance to lay out very clearly what their expectations were; we got an opportunity to get our message across that we were committed to this project, and those that are working very hard to put it together have clear direction now as to what needs to be done to hopefully get that funding commitment this time," said Teresi, who added that there is a concerted effort to meet the Feb. 7 application deadline for this round of funding.

"I think it'll happen this time," he added.

In addition to the YWCA, Citizens Opportunity for Development and Equality is part of the Chadakoin Limited Partnership.

Teresi added that the city should know by June whether funding is approved. And, if approved, the project could be completed within a year.

"We've been working hard over the past few weeks. Some adjustments were made, and understandings were reached (Thursday) as to the structure of the project," Teresi said. "Some changes were made. I feel very confident that with the work that's been done recently, and the product of the meeting, that the developer will have a much better opportunity this time to get the funding package approved by the state, (allowing) the project to go forward."

At this point, he said, the city is working to take care of the building so it doesn't become a safety hazard.

If the state rejects funding, he added, the city will look at alternatives.

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