The resolution of a financing hiccup should allow a July 1 kickoff of the redevelopment of the former Register and Tribune building in downtown Des Moines, according to a report to the Des Moines City Council.

TWG Development LLC of Indianapolis plans a $35 million residential renovation of the building. Original plans called for the use of low-income tax credits and rents of $700 to $900 for about 90 of the 160 units. However, that financing also relied on state approval of more than $5 million in historic tax credits.

TWG did not receive the full amount for the fiscal year that expires this month. However, the company has found alternative financing that will allow it to convert the project to all market-rate apartments, according to the report. The City Council has approved $3.7 million in tax increment financing for the project.