01/16/2001 RA RPT 05 - Laserfiche WebLink

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. CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: January 16,2001 5 Subject: Request Authorization to OtTer Exterior Fa~ade Assistance for Troncin Door and Window, at 2879 Main Street, Merged Downtown! Airport Project Area - Additional Appropriation Background Preservation of Ri verside' s downtown historic structures is an integral fabric in the ongoing revitalization efforts of the merged Downtown/ Airport project area. As such, the City can take pride in many projects that have preserved and improved the appearance of various downtown commercial buildings. Based on the underlying program concepts of the commercial rehabilitation program, such notable projects as the Loring Building, Lake Alice Trading Company and the United Loan and Jewelry building have been addressed. More recently, commercial fa~ade assistance was established for the historic building at 3642 Mission Inn A venue that will soon house the future Mario's Place Restaurant. Current Issue In an effort to continue to preserve the past, City staff has been working with the new owners of the industrial building at 2879 Main Street, Ralond and Ruby Troncin. Bounded between First and Poplar Streets, their property is in the midst of a struggling commercial area, However, the Troncin's purchased the abandoned industrial building with the vision to preserve this historic gem and move their growing 12-year old established business, Troncin Door and Window, from La Sierra to the Downtown. Once renovated, the building can accommodate future growth to their current employment base of six, as this building once housed one of Riverside's first moving and furniture firms, Salt Lake Transfer and Storage. Through the combined efforts of the owners and staff, the Cultural Heritage Board designated this commercial structure as a Structure of Merit on October 18, 2000. To assist with the exterior fa~ade improvement component, the Troncin's have requested fa~ade assistance. While the entire interior renovation and extensive exterior clean-up costs have been borne by the Troncin's, they have requested minor assistance to address the exterior fa~ade improvements. Those improvements include exterior painting and signage, awnings, window and door replacement. The proposed work will recreate the original historic appearance and has met the approval of the Cultural Heritage Board. Initially, the proposed exterior improvements were estimated around $11,550. However, revisions have reduced the estimated exterior costs to only $5,290 ($4,810 with a 10% contingency). Staff suggests grant assistance be offered on a 50-50 matching funds basis, equal to $2,645. The attached Grant Agreement has been prepared to document this assistance. Fiscal Impact There is approximately $2,900,000 available to cover the $2,645 Commercial Fa~ade Assistance in the Downtown/Airport Fund Balance Account No. 0000478-298000 for this purpose. Alternatives The Agency could elect not to offer this fa~ade assistance. However, the Troncin's have made a significant investment and improvement in an otherwise struggling commercial area within the Downtown/Airport project area. With the private acquisition of and improvements made to the once abandoned industrial building, the return will offset this minimal Agency investment. Additionally, the Troncin's have reported that their 5-1