Lilliston renovation progressing; DHCD grant nearly fully drawn

Board members received an update on the Lilliston Building renovation and the status of a $1 million Department of Housing and Community Development (DHCD) grant.

"When I say used, that means that they've submitted expenses for that amount, and they've been reimbursed by DHCD," said a board member (S1), reporting the figure of $902,004.42 in grant reimbursements and describing about $97,500 left to draw. S1 also noted the upstairs is sheetrocked and interior plumbing and electrical work are completed.

The group discussed occupancy timing and inspections. "I spoke with Jake Jaeger, who's the code enforcement office for the county," said S3, who relayed that, at a late-October meeting, Jaeger estimated roughly six months of construction remained before a permanent certificate of occupancy would be issued; a temporary certificate of occupancy is in place for the realty office.

Board members also reviewed long-term repayment and fiscal implications for the EDA: the borrower projects monthly payments around $3,300 over 40 years, and the board discussed the roughly $582,009.35 (reported) in interest/change that would accrue or be available over the term to support future EDA lending or interest uses.