Revolving loan request for sprinklering of 19-21 Central St. Woodstock Village
9 Chandler St.
Grant Request Summary
Please void my previous application and replace it with this application. After discussing plans with Jon Spector following the EDC meeting on Dec. 2nd, and getting rough estimates for installation of a sprinkler system through the building, I wanted to change my request.
I seek a $60,000 revolving loan to be repaid in 24 months for the installation of a sprinkler system throughout 19-21 Central St. (former pharmacy). The purpose of sprinklering is to preserve this beautiful old structure and the buildings that surround it. It will also make it easier to rent to long-term food/retail lessees. Because of the amount of work I have to do on the building, which is considerable, getting this loan will help me do it faster. I want to do things right but it's hard to have all of the money upfront.
Desired Grant Amount
Other Funding Sources
Total cost of the sprinklering is about $55,000 and connection of dedicated water line from the street is approximately $5,000., for a total budget of $60,000. Because I will be doing major electrical, fire alarm, and lighting upgrades at the same time, the amount of cash I need to outlay is steep and the timeline is short if I want to get it ready to be rented soon. I am hoping for a loan from EDC that I could pay back within 2 years to help speed up the timeline so the retail spaces won't remain vacant.
I want to start as early in 2022 as possible and finish by May 2022 (or earlier, preferably).
How will this project benefit the economic and community development of Woodstock?
The former pharmacy building has been vacant since Nov. 2020. It is in the center of the Village and leaving it empty is both an eyesore and a lost opportunity for local businesses hoping to prosper in a highly visible, well-trafficked location. My plan is to split the space into two separate retail or food venues, allowing two local businesses to thrive there. Two new point-of-destination businesses will add to the vitality of the local business community and to local revenues. The addition of the sprinkler system will protect not only my building but also those of the attached buildings. I hope that this loan, if granted, will inspire other Village businesses to do the same.
Which EDC Working Grouop Objectives does your project best support?
Attracting New Businesses (Attracting businesses to Woodstock), Downtown Physical Rejuvenation (Improving facilities and public spaces in the downtown area)
I met with Fire Chief David Green and am consulting with architect Frank (Jay) Barrett, Jr. regarding compliance with fire safety, ADA, and other regulations in upgrading the building.
I hope the concept of a revolving loan fund may appeal to the EDC members. I feel it is a fair way to get help in the short term and later repay the loan so it will benefit others in the future. I am negotiable about both the amount and the loan term.
I will also pursue other state grants and energy credits as I renovate the building, but this project should be completed before that grant cycle begins, rendering it ineligible for funding. Hence my appeal to EDC for interim support.