CARTHAGE — The Carthage Industrial Development Corp. passed two resolutions Wednesday to move forward projects. In order to fill the financial gap for the purchase of 253 State St. by the 255 State St. owners, the CIDC has committed to a no-interest property acquisition loan for up to $40,000. The loan will be repaid once permanent financing is obtained and the renovation project at the two addresses is complete.
In February 2013, the CIDC was awarded a $200,000 grant through the Rural Area Revitalization Project. A CIDC committee decided to use the funding to renovate the last building in the 200 block in need of upgrades. TLC Real Estate is at 255 State St., and the former Jim’s Pub is next door.
TLC Real Estate owner Lori A. Nettles is in the process of purchasing the other half of the building and proceeding with the renovation.
The main focus is to replace the roof and shore up the rear wall. Plans are in the works to renovate four second-story apartments. The former pub would get heating, ventilation, plumbing and electrical upgrades to prepare it for a commercial tenant.
A $50,000 commitment from the recently acquired $400,000 Community Development Block Grant will help with the renovation.
The second resolution allows for the disbursement of the former Braman Manufacturing property between Boyd Road and Alexandria Street.
The CIDC took ownership of the 3.75-acre unimproved, vacant parcel in 2011. Since that time it has been rezoned to R-3 to facilitate use of the lots by Thousand Islands Area Habitat for Humanity. Last month, village Community Development Director John F. McHugh reported an appraisal done by D.G.M. Coon & Co. of Watertown found the property to be of zero value.
The appraiser determined the market value of the property at $6,750, less than the cost of demolition and cleanup, which was estimated at more than the market value.
The parcel, according to the resolution, will convey at no cost approximately 1.34 acres to the village. Part of that land will be used for an access road for two of the parcels and some will be used as buffer property along the railroad tracks that run at the rear of the lot.
Habitat will receive about 2.38 acres at no cost in order to develop five or six homes.
To allow for a lot line adjustment and to meet zoning setback requirements, about .07 acre will be conveyed to an adjacent property owner for $126.