Chesterfield Partners, which is attempting to renovate the Chesterfield building in downtown Durham using federal stimulus bonds, has been given approval to issue the bonds from the state.
The Local Government Commission approved the developer's request at its meeting last week. Chesterfield Partners had earlier gotten approval from Durham County officials.
Developer Josh Parker said the underwriters are now making final preparations to sell $65 million in bonds, which must be issued before the end of the year.
Stone & Youngberg, a New York investment firm, has been hired to market the bonds.