How would you spend the $25,000,000

[James Converse]

I would like to see the money made availabe as soft second mortgages for a business purchase rehab program to be coupled with an expedited process to allow site control up front by prospective buyers.

This funding could then go in as one layer in a variety of financial packages to include tax credits (both historic and affordable housing if mixed use live-work space is included.)

Common Wealth cooperated with the Save the West End Artisits and Tenants  (SWEAT) project for one such program to reuse six buildings. The Ohio Department of Development awarded a feasibility grant and Ron Faniro and Associates developed a series of prelimary plans for adaptive reuse of these buildings. Prospective resident interest was high but many of the artists did not have funds sufficient to meet the gaps in proposed financing. For this reason housing tax credits were proposed as one source of funding.

Without site control the project was unable to move ahead. It is still a good idea, but clearly much more expensive now than when proposed over ten years ago.

We have seen the 23 buildings deteriorate in a program that makes it very difficult to obtain financing for even the ones being used or in nearly useable condition (or ones that were at the time the were acquired by the city then transferred to the CIC). One recent estimate was that as few as 5 are still salvageable, and maybe even they are not.

REgarding public stewardship of our tax dollars, there are a variety of ways to capture the public subsidy or have the buildings revert to public ownership if prospective owners are unable to move to projects ahead. Common Wealth helped start a community land trust (CHOICE) that preserves public investment for future owners and protects affordability. A similar mechanism or one to be developed with the city could be used to move ahead this project.

The issue is to move ahead with feasible programs and capture the enthusiasm of those who have not already given up on such a hard set of tasks. Clearly a smaller number than 23 but hopefuly larger than 5 can be reused.

[jay]

It looks as though the 25 million or so dollars from the proposed convocation center project will be made available for other uses.

How would you like to see the money used?  Be specific.