Title
Resolution Amending Resolution No. 079-16 Authorizing an Urban Development Investment Grant to Preservation Greensboro Development Fund, Inc. in an Amount up to $300,000 to Assist in the Stabilization and Renovation of the Cascade Saloon
Body
Department: CMO
Council District: 2
Public Hearing: Yes
Advertising Date/By: 12/8/2016
Contact 1 and Phone: Jim Westmoreland, 373-2394
Contact 2 and Phone: Kathi Dubel, 373-4579
PURPOSE:
The City of Greensboro provided Preservation Greensboro Development Fund, Inc. (PGDF), Rentenbach Constructors, Inc. (Rentenbach), and Christman Capital Development Company (Christman) a grant in an amount up to $300,000 to assist with the structural stabilization and renovation of the historic structure on the property located at 408-410 South Elm Street. The resolution authorizing the grant included a deadline of December 31, 2016, for PGDF to stabilize the structure. PGDF, Rentenbach, and Christman are requesting a 6-month extension of that deadline.
BACKGROUND:
The property at 408-410 South Elm Street is improved by a structure known as the Cascade Saloon which was constructed in 1896. The Cascade Saloon was designated as a historic landmark by ordinance adopted December 19, 2006. In order to prevent demolition of the historic structure, the City of Greensboro acquired the Cascade Saloon by condemnation on February 22, 2014.
City Council previously approved the conveyance of the property to Preservation Greensboro Development Fund, Inc. (PGDF) by Resolution No. 206-14. City Council also approved a grant to PGDF in the amount of $175,000 to locate a buyer willing to restore and preserve the Cascade Saloon. By Resolution No. 079-16, City Council also approved an additional grant in an amount up to $300,000 to Preservation Greensboro Development Fund, Inc., Rentenbach, and Christman Capital to assist with the structural stabilization of the Cascade Saloon. Rentenbach, a Christman Capital Development Company, will inv...
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