The developer of an Islamic cultural center in Lower Manhattan will seek $70 million of tax-exempt bond financing to build the new $100 million facility modeled after religiously affiliated community organizations like the YMCA or New York’s 92nd Street Y, according to a news report.

Sharif el-Gamal, president of Soho Properties Inc., told the New York Times that he wanted to finance the project, called 51Park, with tax-exempt bonds and raise the rest of the money through a nonprofit partner.

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