The downtown Foundry redevelopment project is in need of more money due to rising costs of labor and construction, so the city of Loveland and its partner on The Foundry project, Brinkman, have crafted a plan to cover the new costs and ensure the project is completed.
The plan calls for Brinkman Development paying $679,869 more, the Brinkman Metro District paying $529,142 more and the city of Loveland paying $627,647 more toward the construction and labor costs of the project.
The Loveland City Council will review and vote on the additional funding at its special meeting and study session Tuesday, which will take place at 6 p.m. in the Council Chambers at 500 E. Third St.
The Foundry project seeks to redevelop the blocks between First and Fourth streets and Lincoln and Cleveland avenues in downtown Loveland. Plans state it will feature a public plaza, a 102-room TownePlace Suites by Marriott hotel, a movie theater with seven screens and a restaurant, as well as 155 apartments and 14,000 square feet of ground-floor retail.