by J. Brooks Terry
Staff Writer
Though flush with more than $3 million today, the City’s Historic Preservation Trust Fund may soon become a harder safe to crack.
Originally set aside to be the catalyst for downtown revitalization, the fund has helped jump start developments such as The Carlington and Suddath Lofts in recent years. However, during the Downtown Development Authority’s Wednesday board meeting, chair Bob Rhodes said it might be time to “take a step back and reexamine the program.”
That suggestion came after DDA managing director Al Battle made a routine committee report. He said, in addition to recently awarding the Kimmik Corporation $400,000 to refurbish the Lerner Building on West Adams Street, at least three more parties have shown interest in making a withdrawal from the ever-shrinking account.
One party may include the City, who could want more than $1 million from the fund to purchase the Snyder Memorial building unless a buyer steps forward.
“We are working with a limited fund source,” said Rhodes. “As potential projects continue to approach the JEDC, we need to be certain we are giving these grants to the right projects.”
Rhodes then asked board member Penny Thompson to lead a “one-man committee” that may alter the standards by which grants are currently awarded.
Thompson agreed, but said much of the remaining $3 million may already be tied up in yet another development.
That project, she said, centers around renovating the abandoned Marble Bank, Bisbee and Florida buildings.
For over a year, Signet Development was expected to use the $3 million to transform the trio into a mixed-use office complex. Those plans ended when the City terminated the agreement in June. An alternate Request for Proposals with more of a residential focus was to follow.
That plan was scraped earlier this month when the City announced plans to surplus the buildings and transfer ownership to the Police and Fire Pension Fund.
“I think it’s important to understand that the Fund is probably going to come asking for some, if not all of that money,” said Thompson. “We should be prepared for that.”
The board agreed, suggesting that Thompson work under that assumption.
“There are many good projects that come seeking funds,” said JEDC spokesperson Jean Moyer after the meeting. “It may not be even be an issue of determining which are the ‘better ones.’ The board just may be looking for methods to put money back into the fund to, basically, replenish the pot.”
Moyer speculated that in the future the fund may operate more like a loan program.
“It’s difficult to say,” she said. “But I know there is still a lot of interest in preserving our historic buildings. More than newer, more contemporary projects, they give the city its character.”
Thompson is expected to return with suggestions to improve grant guidelines at a future DDA board meeting.