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February 22, 2012

Cascade Center plans need city grant funds

John K. Manna Associated Press

NEW CASTLE — The Lawrence County Economic Development Corp. presented updated plans last night for development of the Cascade Center at the Riverplex.

Linda Nitch, corporation executive director, told New Castle City Council that the agency has a sales agreement with S&T Bank to buy the building for $1.5 million. The agreement expires April 5, she said, adding, “Shortly, financing must be put in place for the purchase.”

The LCEDC is asking the city to part with $1.5 million from a state Redevelopment Assistance Capital Grant for the purchase. It is requesting an additional $300,000 from the grant for renovations.

Total project cost, which includes the purchase price, architectural and engineering fees, is estimated at $3,855,000.

Payment on the balance of the costs would come from private loans as long as the corporation has leases from tenants, Nitch said.

The corporation presented its initial proposal in September at which time council gave the agency $5,000 to hire Mark C. Schneider to develop a plan for the property. The money was matched by $5,000 apiece from the county and the corporation.

Schneider is a principal of Fourth River Development LLC.

Nitch said the LCEDC would use an experienced leasing agent such as Schneider.

She also requested that the city “become a partner” with the corporation to move the project along. She said she hopes such an agreement could be signed by mid-March.

Addressing council, Nitch said she needs “to know the conditions that will make you comfortable.”

The Lawrence County Industrial Development Authority would hold title to the property until the LCEDC receives revenues generated by the project. The property would ultimately be transferred to the LCEDC, which then would  pay real estate taxes on the property, she said.

Nitch said the corporation has already been contacted “by potential users.”

“We have somebody who is very interested,” she added.

The potential tenant is a for-profit business that would create jobs, she said.

However, she said the corporation can’t bank on it until it has a signed lease agreement with the tenant.

Schneider said 16,000 square feet of the building could be leased for office space within a year. That is approximately half the available office space.

The building also has space for restaurants and retail.

Approximately $1.8 million is remaining in the city’s grant.

Council president MaryAnne Gavrile said the city needs to look at the projects it has committed to determine how much money remains from the state grant. Estimating the city may be able to provide $1 million, Gavrile asked Nitch whether economic development has approached others.

“We have not gone out to anyone else,” Nitch said.

Gavrile said council will have to talk and think about the proposal before making a decision.

The city received a second proposal for the building in December: Establishment of an arts and technology center.

(Email: jmanna@ncnewsonline.com)

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