Sept. 10, 2010
HMDA Has Received Option and Earnest Money on Building Next to City Hall
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) - The Huntington Municipal Development Authority has received earnest money and a $200,000 option to purchase the former City Hall Annex, 824 Fifth Avenue. Mark Bates, co-chairman of Huntington City Council and member of HMDA, told HNN the good fiscal news following the Council Work Session which had been preceded by an HMDA meeting.
Once known as the City Hall Annex, the three story structure at 824 Fifth Avenue was closed by the city in 2002 following a series of break ins. Prior to that in 1999, a series of fires prompted re-location of the Huntington Sanitary Board, Tri-State Opportunities Industrialization Center, Municipal Court and Human Relations Commission.
However, in October 2009, the HMDA held an “open house” that attracted more than 20 developers and real estate agents.
Built in 1925, the facility which at one time housed the studios of WGNT (now WRVC) Radio has been cleaned and asbestos abated at city expense. The city acquired it from Polan Realty for $500,000 in 1978 for extra office space. It has also been called the Fifth Avenue Arcade and the Polan Building.
According to an earlier story, Tom Bell, executive director of HMDA, estimated renovations would cost $1.4 million dollars, but it is eligible for historic tax credits.
Due to a tenant shortage, the HMDA had to pay HUD $400,000 in CDBG funds on the Kinetic Park loan. In mid-Summer, Bell revealed the possibility of three Kinetic tenants if the “technology” restriction could be removed. In addition, the HMDA earlier received a bid on property at the Huntington Industrial Center contingent on state financing.
At this time, the prospective buyer has provided earnest money pending the drafting of a contract to purchase. Bell did not disclose the name of the business that would be purchasing the building.
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HMDA Has Received Option and Earnest Money on Building Next to City Hall
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) - The Huntington Municipal Development Authority has received earnest money and a $200,000 option to purchase the former City Hall Annex, 824 Fifth Avenue. Mark Bates, co-chairman of Huntington City Council and member of HMDA, told HNN the good fiscal news following the Council Work Session which had been preceded by an HMDA meeting.
Once known as the City Hall Annex, the three story structure at 824 Fifth Avenue was closed by the city in 2002 following a series of break ins. Prior to that in 1999, a series of fires prompted re-location of the Huntington Sanitary Board, Tri-State Opportunities Industrialization Center, Municipal Court and Human Relations Commission.
However, in October 2009, the HMDA held an “open house” that attracted more than 20 developers and real estate agents.
Built in 1925, the facility which at one time housed the studios of WGNT (now WRVC) Radio has been cleaned and asbestos abated at city expense. The city acquired it from Polan Realty for $500,000 in 1978 for extra office space. It has also been called the Fifth Avenue Arcade and the Polan Building.
According to an earlier story, Tom Bell, executive director of HMDA, estimated renovations would cost $1.4 million dollars, but it is eligible for historic tax credits.
Due to a tenant shortage, the HMDA had to pay HUD $400,000 in CDBG funds on the Kinetic Park loan. In mid-Summer, Bell revealed the possibility of three Kinetic tenants if the “technology” restriction could be removed. In addition, the HMDA earlier received a bid on property at the Huntington Industrial Center contingent on state financing.
At this time, the prospective buyer has provided earnest money pending the drafting of a contract to purchase. Bell did not disclose the name of the business that would be purchasing the building.
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