CWC to fund historic structure rehabs for commercial use

MARGARETVILLE, N.Y., July 14, 2006- A new fund to purchase and rehabilitate historic structures and return them to commercial use was established by action of the Catskill Watershed Corporation (CWC) Board of Directors June 27.

The $5 million Business District & Historic Structure Rehabilitation Fund will be a program of the Catskill Fund for the Future, the economic development vehicle of the CWC.

The intent of the new program is to return to viability deteriorated commercial and mixed-use structures in the business districts, main streets and gateways of watershed villages and hamlets. Buildings will remain on the tax roles and after restoration and repair will be sold to private investors to be used for commercial purposes.

Building exteriors and interiors will be restored to the degree practical to preserve notable features. Heating, mechanical and plumbing systems will be upgraded to meet building and fire codes. Telecommunications and computer network wiring may be installed, and energy saving fixtures employed to the maximum extent possible.

"It’s a shame to see once-beautiful buildings fall apart and sit unused in the middle of our business districts," commented Alan Rosa, Executive Director of the CWC. "But we know restoration projects can be expensive, and many owners just can’t afford to give their buildings the attention they deserve. That’s where the CWC can help. We want to make these buildings useful again, to bring new life and activity to Watershed communities."

CWC will leverage its own funds and seek grant funds from appropriate sources. Buildings will be held in the name of subsidiary Limited Liability Corporations (LLCs and will make payments in Lieu of Taxes during LLC ownership. In some instances, sellers may be given a right of first refusal to repurchase the building on completion, provided they are credit qualified, develop a business plan and agree to conditions imposed by program rules.

Criteria for selection of buildings to be upgraded will be developed by a committee which has yet to be named. Some factors which will be considered include visual and historic significance of the building to the community, estimated economic and social impact to be provided by restoration, availability of the building at appraised value in current condition, potential liability of asbestos or hazardous waste at proposed sites, and compatibility of proposed uses with existing community comprehensive plans.

Details of the program are expected to be finalized by this fall. For more information on this program, or on the CWC’s low-interest loan program, contact Economic Director Michael Triolo, 845-586-1400, ext. 14; triolo@cwconline.org.