Meetings Tuesday and this morning moved the plan to finance a downtown parking garage further forward, as city commissioners gave final approval to the new loan-and-tax-credit deal and the nonprofit corporation formed for redevelopment did legal preparations to receive those loans within the next week.

As the second stage of a huge downtown redevelopment plan – first being the Minor League Baseball park now under construction – developers hoped to build an 821-space parking garage next to the stadium, masking the parking levels in residential and commercial space. But the collapse of nationwide bond markets made that untenable, and threatened to stall the whole project. Local governments and developers have only until the end of 2014 to get $200 million worth of new investment into the 383-acre downtown redevelopment district if they are to receive hoped-for millions in state tax money needed to repay development bonds.

To keep the project alive until the bond market improves, developers concocted a new financing plan, which now calls for shuffling almost $40 million in loans from PBI Bank and three investment funds connected with U.S. Bank to the nonprofit downtown corporation and a new sister entity created just for this purpose.

Though there’s a tremendous amount of money moving around, the actual cash generated will be just enough to finish buying land for the ballpark and garage, and build a garage reduced to 430 spaces, according to Mary Cohron, who chairs both downtown corporations. The surrounding retail and commercial space is expected to stay the same. Developers are relying on access to several million dollars in federal New Market Tax Credits to build the garage.

The five-member corporate board passed the legal resolutions 3-0 in a special meeting Tuesday morning, with only Cohron, Richard Morgan and Doug Gorman present.

Bowling Green city commissioners followed that this morning with final approval of the loan plan. The city, Warren County and downtown corporation were all needed to approve it, and the city’s ratification was the final seal.

It came although the city still hasn’t received formal clearance from its bond counsel, Dirk Bedarff. City Attorney Gene Harmon said that’s a result of Bedarff’s workload rather than legal concerns; Bedarff said he’d make that formal statement by Friday, according to Harmon.

Harmon also said that he and attorney Kevin Brooks, who represents developers and the downtown corporation, “respectfully disagree” on one sentence in the new deal that leaves open a slight possibility that – should there be further financing problems – when the city is due to get title to the ballpark it could still have an outstanding mortgage left over from the loan plan.

One final change was the inclusion of T.E.G. Acquisitions LLC in the planned chain of land purchase. That corporation was created to get property on behalf of master developer Alliance Corp. of Glasgow, Harmon said and Brooks confirmed.

State records list Brooks as the organizer, and T.E.G.’s office address is the same as Alliance’s headquarters. Alliance needs to buy the city’s Kirtley Furniture building on the corner of College Street and Eighth Avenue, but whether it’s done through its own name or T.E.G. the result for the city is the same, Brooks said.

“Either way, you’ll get $300,000 in cash,” he said.

The ordinance’s second reading passed 4-0, with Commissioner Joe Denning absent. He had been the only vote against the plan on Feb. 3.