The Downtown Investment Authority will consider recommending nearly $670,000 in city incentives through the Downtown Preservation and Revitalization Program for the restoration of the Porter House Mansion at 510 N. Julia St.
DIA staff recommends its board approve the incentives when it meets at 2 p.m. Aug. 18
JWB Real Estate Capital paid $2.6 million in August for the historic three-story structure, which was built as a residence in 1902.
The proposed $669,581 in city incentives comprise a $277,186 Historic Preservation Restoration and Rehabilitation forgivable loan; a $258,479 Code Compliance Renovations forgivable loan; and a $133,916 Downtown Preservation and Revitalization Program deferred principal loan.
Each forgivable loan will mature in five years. The principal outstanding under each note will be forgiven at the rate of 20% annually.
The deferred principal loan will have a maturity date of 10 years from the funding date.
JWB Capital estimates the total development cost at $2.99 million.
Upon completion, the project will comprise at least 4,300 square feet of shell space in the basement to be leased to a retailer/restaurant, and at least 10,000 square feet of office space on the upper three floors for lease to a single tenant.
Planned renovations include adding a lift compliant with the Americans with Disabilities Act; replacement of an exit stairwell; interior ADA work; installation of fire alarm and sprinkler systems; remodeling a bathroom; and siding repair and paint.
Under the terms of the proposal, the city’s contribution would be transferred to the developer when the project is completed and after inspection with criteria approved by the DIA and the Historic Preservation Section of the city Planning and Development Department.
Should the development cost fall below $2,956,869, the Downtown Preservation and Revitalization Program loan amounts will be reduced proportionately.
No other loans, grants or other funding from the city are contemplated for the project, although commercial tenants leasing space within the property may be eligible for funding under separate programs, states the staff report presented with the proposal.