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NEW YORK CITY-Emmitt Smith’s ESmith Legacy Inc., which has proposed constructing a hotel and retail project costing $81 million at the southwest corner of Lenox Avenue and 125th Street in Harlem, may fail to meet the deadline to stay qualified for the government-supported tax-exempt financing.

Officials’ fear has prompted Economic Development Corp. to proceed ahead with a backup plan for the New York City project. The federal tax-exempt financing package expires on December 31. For the full story, go to Wall Street Journal.


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