Title
Adaptive Reuse/Building Rehabilitation Program Grant for 615 High Street
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RECOMMENDED ACTION (Motion):
This proposed grant request is $150,000 for the property located 615 High Street submitted by Ben James (owner/applicant). Staff requests that the Urban Renewal Commission consider staff’s approval of a grant award for the project of $112,500 at this time, with the potential of awarding the additional $37,500 when the applicant provides documentation to City staff showing that 25% of the leasable space is being used for non-office space, (i.e. retail and/or restaurant) which complies with City zoning code.
BACKGROUND:
This fiscal year, the Oregon City Urban Renewal Commission set aside $200,000 into an Adaptive Reuse/Building Rehab program to encourage investment and upgrades to private property by encouraging significant rehabilitation that improves the value of existing commercial property and supports the highest and best use of commercial property within the Urban Renewal District.
The program is a matching grant intended to fund a limited number (one or two) medium- to large-scale internal rehabilitation (non-facade) projects. A typical project will be a combined minimum of $100,000, with a maximum offer for any one project of $150,000. Particular emphasis and priority is placed on rehabilitation projects that incorporate mixed-use elements, consist of quality construction and add value to the urban renewal area. There are two application periods throughout the fiscal year, one in July and the second in January (should funds still be available).
Mr. James purchased this building in June 2014 with the intent of occupying 30% of the space and leasing the remainder. His owner occupied space and another 10-15% of the building, which consists of common use and circulation areas, will be renovated for immediate occupancy. The remainder will be finished to a warm shell suitable for tenant improvements. This building is the backdrop to the Municip...
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