PROVIDENCE, R.I. (WPRI) – The developer of the so-called Hope Point Tower has again missed a key deadline related to his proposed residential high-rise in downtown Providence.

The developer, Jason Fane, has also requested that state officials nearly eliminate the initial deposit he is required to make by slashing it from $250,000 to just $1,000, according to a letter obtained by Target 12.

Fane was supposed to file an application by June 30 for a tax-stabilization agreement, which would spell out how much the developer will pay in property taxes over the next two decades. But the I-195 Redevelopment District Commission agreed to extend the deadline by another month, to Wednesday.

On Tuesday, the commission decided to extend the deadline by an additional week, from July 31 to Aug. 7, according to a letter commission chairperson Robert Davis sent to Fane that suggests continued tension between the two sides.

Davis also rejected the proposal by Fane’s lawyer to cut the previously agreed-upon $250,000 deposit. The amount was established in a purchase and sales agreement signed in January. He indicated it was one of “multiple changes” to the deal Fane was seeking, “all adverse to the interests of the public.”

“We are unwilling to renegotiate the purchase agreement and to change those material terms,” Davis wrote. “As to the remaining provisions, from our perspective, we see no reason why they cannot be resolved in the next few days.”

Fane’s 46-story project would become Rhode Island’s tallest building. When asked about the TSA deadline, Fane spokesperson Jim Malachowski wrote in an email “there are a number of interrelated factors affecting what we are proposing that need to come together for us to provide accurate information.”

“This is a complex project of significant magnitude,” he added. “We believe it is far better to receive extensions than to provide information that is premature.”

Malachowski declined to comment on the request to reduce the $250,000 deposit.

The new deadline for the property-tax deal is Aug. 7, which would mark a key step in the development timetable agreed to by the two parties.

It’s unclear whether the missed deadline will come with any consequences to the future of the development, which Fane first proposed more than a year ago. But it fits a recent pattern of missed deadlines and slow-paced responses to requests made by the commission, according to letters obtained last week by Target 12.

Those letters showed Fane already made another request to reduce his financial obligations to the commission, asking to lower his Fane “guaranty” — an amount the state would keep in the event he walks away from the project — from $3.7 million to $3 million.

State lawmakers, notably Senate President Dominick Ruggerio, and the Providence Journal editorial board have strongly supported Fane. Ruggerio included a provision in the newly enacted state budget that authorizes up to $25 million in subsidies for the tower, higher than the normal cap of $15 million for similar projects.

Eli Sherman (esherman@wpri.com) is a Target 12 investigative reporter for WPRI 12. Follow him on Twitter