FARMINGTON – A local developer is proposing purchasing the former Arthur D. Ingalls School, as part of a renovation project that would install 15 apartments inside.
Byron Davis of Riverbend Property Management presented the Board of Selectmen with an overview of the project Tuesday evening. He estimates that the project would add more than $1.6 million in new property valuation to the downtown, through a three-floor renovation that would create 15, high quality, 2-bedroom apartments.
“I think it’s a very significant building to the town of Farmington,” Davis said of the Ingalls School. “It’s got a lot of possibilities.”
Davis said he is interested in tying that potential acquisition into the property next door, a brick residential building currently owned by Bill Marceau of Foothills Management. To help address parking issues relating to the development, Davis said that he intended to work with the University Credit Union, which has been approved by the Planning Board to expand its own parking lot at the current site of a third property at 152 High Street. This would effectively coordinate development across four properties: Ingalls School; Brick Inn Apartments; the 152 High Street residence, which would be torn down as part of the UCU project, and the credit union itself.
Davis said that he would look to create high end apartments for business professionals and the elderly. His project would take advantage of improvements made by Tri-County Mental Health, including an elevator and a sprinkler system.
A preliminary budget calls for approximately $940,000 in building renovations, plus additional improvements to create parking. Davis said that he would look to preserve the historical features of the building, and would seek to leverage state and federal tax credits tied to historic preservation.
Davis is interested in adding the property to the Downtown Tax Increment Financing district. Currently, the district’s borders cut around the Ingalls School; that omission was due to Tri-County Mental Health being a nonprofit, and therefore tax exempt. The Downtown TIF Advisory Committee has recommended that change be made.
He is also seeking a Credit Enhancement Agreement that would return $400,000 in tax revenue over 10 years. Those funds would go toward annual debt service payments and allow the project to sustain itself, Davis said, and did not represent any lost revenue for the town as the property is tax exempt. After 10 years, the property would pay taxes per usual.
Both the alteration to the TIF district and the development of the CEA would need to be approved by residents at a town meeting. The TIF change would also need to be approved by the state’s Department of Economic & Community Development.
Selectmen voted to move forward with the TIF proposals, suggesting that the project’s time frame would line up well with the annual town meeting in March. Davis said that he currently has a 6-month option to buy the Ingalls School.
It’s encouraging to see continued investment and development in our town. Best of luck Mr. Davis.
It all sounds good… except for the part about tearing down a building.
Where is Tri County Mental Health going?
Rents in downtown farmington are so high already. Do we really need more $1000 a month apartments? How about some AFFORDABLE apartments for the working class.
Hope this apartement is one that this “elderly” retired teacher can afford .