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910 'T <br />The Paris Historic Preservation Commission is aware of the desire, by the, City of Paris to, demolish the old <br />Belford Apartment complex on South Main Street due fines owed to the City in excess, of one million <br />dollars. The members of the commission would however petition City Council to instruct the City <br />Manager and City Attorney to foreclose on the Belford Apartment Complex and put out an REP (Request <br />for Proposals) for the sale Belford Apartment Complex as an "Adaptive Historical Property Restoration", <br />The Commission wound suggest the following: <br />0 Foreclose on the Belford Apartment Complex <br />0 Put out an, RFP <br />• REP requests bids for adaptive historical buildings sale / restoration <br />e Suggest the City adopt TIF and include that into the package <br />o Sell it for $1,000,000 with a deed of trust for 5 years, if the building is completely restored or <br />substantially restored, the note will be extended or forgiven. <br />• The note to become a second behind a bank in the event of a bank lien is necessary to obtain <br />financing <br />s Quarterly progress reports to be provided to City Council or to HPC <br />• Historical approvals and tax credit financing should take 18 months <br />• Once rehab starts it is 24 months for completion <br />If nothing is, done, the building will fail or will be demolished,- in the meantime it remains a blight on the <br />City, and reduces property values. <br />Requiring a buyer to provide a loan approval up front is useless because No bank will loan $20M on a <br />dilapidated building. A developer will need to obtain Historical and New Market tax credits (and' TIF if <br />possible) in order to obtain tax credit financing as well as interim financing for the project. <br />Thus, the Commission wishes the City Council to discuss, adopt and approve the foreclose of the Belford <br />Apartment Complex for fines due to the City and put out an RFP in order to restore the property, <br />enhance one of the entrances to the City and create an economic benefit to the City of Paris. <br />Adopted by the Members on September 13, 2017: <br />Chris, Dux <br />Skipper Steely <br />Linda Vandiver <br />Sarah Barbee <br />Randy Hider <br />Glee Emmett <br />