The executive director of the city redevelopment authority has resigned after four years.

Art Cordwell said this morning his resignation was effective Wednesday, but he will continue working with the authority through its transition to a new director.

“I felt the time was right,” Cordwell said. “I feel good about what we accomplished in four years.”

The authority's mission is to attract businesses and create jobs in the city.

The Centre City project has been perhaps the most talked about task for the authority in recent years.

It will be a 25 percent owner in the new Marriott Springhill Suites hotel to be built at the corner of Jefferson and McKean streets. The project also includes a new city garage.

Cordwell said he stayed with the authority to see that project wrap up.

Cordwell said his primary goal has been to reduce the debt on the authority.

The authority this week had about $2 million in debt wiped away when the city Parks, Recreation Grounds and Facilities authority took over ownership of Kelly Automotive Park.

But Cordwell inherited a lot of other debts when he took over as executive director.

“Even without the ballpark, we had about $3.2 million in debt when I came on,” he said.

The former Penn Theatre remains the authority's most notable liability.

Cordwell said a lack of state funding has been the biggest hurdle for the authority. It used to receive $680,000 per year in state funding. Last year, that dropped to $274,000.