IDA approves $350,000 reimbursement grant for historic West Main/Verizon adaptive reuse

Travis Maldonado, who identified himself as a partner in ownership of the Verizon building, presented plans to convert the upper floor into six apartments (four two-bedroom units and two one-bedroom units) while maintaining two commercial storefronts on the first floor. He said the team has invested about $150,000 to date and requested a $350,000 reimbursement grant to bring total project funding to roughly $700,000.

"We are only asking for the 350,000 up as a reimbursement," Maldonado said, adding that he and his partner would assume the financial risk beyond that amount.

The presentation included architectural concepts to preserve brickwork, original trusses and the historic character while adding an exterior elevator and required egress improvements. Board members probed the projected tax return on investment and whether Community Redevelopment Agency funds were available; staff and developers explained that CRA criteria limited eligibility and that the IDA would appraise the land and structure to set reimbursement amounts. One board member noted the payback period could be decades if judged strictly on incremental property taxes, while others argued the broader downtown revitalization — new residents supporting businesses — justified the subsidy.

After extended discussion on precedent, parking, vacancy rates and timeline (developers said they could start permits early next year and target a 12-month buildout), a motion to direct staff to negotiate a $350,000 reimbursement grant consistent with the IDA’s housing options was moved and seconded and subsequently approved by voice vote. Staff will draft a contract consistent with the IDA’s reimbursement framework and return it to the board for final approval.