by Bradley Parsons
Staff Writer
City planners are looking for a way to replenish a dwindling historical renovation trust fund. In a tight budget year, money from the mayor or the JEDC might be tough to come by, but some planners think there’s millions available already on the street.
Once flush at $7 million, the Historic Preservation Trust Fund now holds just over $430,000. That won’t pay for several redevelopment projects already planned, not to mention $900,000 sought by the Churchwell Building’s possible new owner.
Area nightclub owner Bob Green told the City his plan to build lofts in the Bay Street building won’t be possible without help from the trust fund. The City needs to find a way to encourage developers like Green, who want to preserve downtown’s historic buildings, said Downtown Development Authority board member David Auchter.
“My concern is that the trust fund might get caught in the budget pinch this year,” said Auchter. “The issue becomes: Where does the money come from?”
Auchter and DDA Managing Director Al Battle both suggested the City may be able to recoup $3 million granted to Signet Development to renovate a trio of crumbling Laura Street buildings. Signet got the bid to restore the Bisbee, Florida Life and Marble Bank buildings two years ago, but work has yet to begin.
Battle said JEDC Executive Director Kirk Wendland met with Signet officials last week to gauge their intentions with the project. If the project falls through, the money could kick back into the trust fund, said Auchter.