By Nick Nunn staff writer
During their May 22 called meeting, the Downtown Development Authority of Madison (DDA) disclosed the details of the DDA’s sale of the Shaffer House at 439 West Jefferson Street to the Georgia Trust for Historic Preservation for $35,000. The DDA purchased the Shaffer property in February 2013 for $70,000.
Madison Planning Director Monica Callahan stated that it was a condition of the DDA’s sale to the Georgia Trust that the Georgia Trust would, in turn, sell the property to Parallel Housing, Inc., who intends to use the house as a leasing office for their Silver Lakes Senior Development project.
Callahan said that the transaction would be considered part of the Georgia Trust’s Revolving Fund program, which promotes rehabilitation of historic properties by facilitating the buying and selling of properties in need of restoration. She added that the Georgia Trust’s purchase and sale agreement with Parallel Housing would be for $37,500. Mark McDonald, president and CEO of the Georgia Trust, stated that the contract between the Georgia Trust and Parallel Housing is not final and will be contingent on Parallel Housing receiving the appropriate financing through the Low Income Housing Tax Credit Program.
During an executive session, the DDA voted to enter into a purchase and sale agreement with Parallel Housing, Inc., for the 3.064-acre tract at 555 North Fifth Street, which will be used for the proposed Silver Lakes Senior Development. Callahan said that the terms of the agreement will be disclosed once the purchase is complete. The DDA also voted to issue a resolution of support for the Silver Lakes Senior Development, stating that “the proposed development is the first and highest priority for housing” for the DDA.
Callahan said that the Canaan stormwater project is “proceeding to pace,” noting the “superb” job that the contractor, Gary’s Grading and Pipeline Co., Inc., has been doing. She stated that Pearl and Whitehall Streets are almost complete and that Mapp and Burney Streets would be the next area of focus. Callahan said that the bore is complete, which allows electric and water hookups to reach the Depot Replacement Building that was built for Norfolk Southern in exchange for the donation of the Central of Georgia depot to the DDA. DDA Chair Shandon Land stated that all of the code issues have been resolved with the Gilmore House and that they were expecting the close up inspections to take place on Monday, May 26.
Land added that Mannington Mills, Inc., has agreed to donate flooring and adhesive for the DDA’s Gilmore House project. The DDA also voted to open a checking account at the Bank of Madison, labeled “DDA of Madison Lease Revenue Bond (Town Park Project) Series 2013 Debt Service Fund,” for the purpose of transferring funds from the SPLOST account to Bank of America, the owner of the bond.