Title
Adaptive Reuse/Building Rehabilitation Program Grant for 503 Main Street
Body
RECOMMENDED ACTION (Motion):
The proposed grant request is $150,000 for the property located at 503 Main Street submitted by Derek Metson on behalf of the property owner, Danielle Walsh. Staff requests that the Urban Renewal Commission consider staff's approval of a grant award of $ 120,000 for the project.
BACKGROUND:
For Fiscal Year 2016-17, the Oregon City Urban Renewal Commission set aside $200,000 into the Adaptive Reuse/Building Rehab program to incentivize significant private property investment within the Urban Renewal District with the intent that such investment will result in the highest and best use of the District's commercial property ultimately increasing property values.
The program is a matching grant intended to fund a limited number (one to two) medium to large-scale interior rehabilitation (non-facade) projects. A typical project will be a combined minimum of $100,000, with a maximum award 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).
This building currently sits vacant and has done so for approximately two years. Ms. Walsh purchased the building in August 2016 with the intent of occupying the space in its entirety with 1,600 square feet of retail and coffee shop along with 555 square feet of office on the second level. The space may be divided to accommodate up to 800 square feet of office space utilized by separate tenants while the coffee shop and retail remain open. The renovations, as part of this grant award, will include restrooms, a trash enclosure, and improvements to the mechanical/electrical room, main dining room and bar locations. Tw...
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