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Harbor Point developer to buy project's city-issued bonds

Harbor Point developer to buy project's city-issued bonds

The developer of Harbor Point plans to buy the initial offering of city-issued bonds for the $1.8 billion project, accruing millions in interest from the controversial public financing deal, city officials confirmed Thursday. Developer Michael S. Beatty's Harbor Point Development Group LLC plans to purchase about $35 million of the $107 million in bonds and would earn an estimated 6.5 percent interest rate, enabling him to pay for a construction loan. Stephen M. Kraus, the city's chief of treasury management, said the arrangement would save the city money because a private sale is cheaper to orchestrate than a public bond offering. But the plan was criticized sharply by opponents...

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