A proposed $669,581 taxpayer loan package for JWB Real Estate Capital LLC’s planned renovations to the Porter House Mansion Downtown is headed to City Council.
The Mayor’s Budget Review Committee voted 7-0 on Dec. 13 to approve a request by the Downtown Investment Authority to file legislation that would approve the deal.
The DIA board advanced the proposed forgivable and deferred loans in August from the city’s Downtown Preservation and Revitalization Program.
JWB, led by President Alex Sifakis, paid $2.6 million in August 2020 for the three-story historic structure at 510 N. Julia St. that was built in 1902.
The company plans to lease 4,300 square feet in the basement to a restaurant/retail operator and make 10,000 square feet available on the upper three floors for lease to a single office tenant.
DIA CEO Lori Boyer sent a memo to the budget committee that the total development cost will be $3,053,677.
That’s up slightly from JWB’s previous $2.99 million estimate.
The incentives includes 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.
The forgivable loans will mature in five years, and the principal will be forgiven at a rate of 20% per year.
The deferred principal loan will mature 10 years from the date of disbursement.
Council President Sam Newby likely will introduce the bill at the Jan. 11 meeting.