☠ Troy commissioners approve market study agreement

As published in the Courier-Tribune on October 4, 2012

By Hugh Martin
biscoewriter@yahoo.com

TROY — Troy’s Board of Commissioners approved an agreement with the UNC School of Government Monday evening for assistance in putting together a package to improve the marketability of the Troy Hotel development.

The action came at the board’s regular October meeting following several weeks of study since the September meeting.

Developers have shown interest in developing the top two floors of the building, which will require extensive renovation. The hotel is on the National Register of Historic Places, which would qualify developers for significant tax breaks.

According to Troy Manager Greg Zephir, there are other available credits called New Market Tax Credits.

“These kinds of credits can make a development more workable for developers,” he said.

The cost of the agreement is $24,000, but through grants and revenues received by the School of Government, the town will only have an investment of $6,000. Zephir told commissioners the money could come from the town’s economic development fund.

“If the town is successful in securing a developer for this project, the town could add these fees into the costs that the developer would have to pay the town,” he said.

Commissioners Chris Watkins and Angela Elkins agreed that it was a small investment compared to the potential impact that the project could have on the downtown area. The agreement passed unanimously.

Commissioners also took action on a problem that has been discussed previously about rental of the Troy-Montgomery Senior Center for private events. There have been instances where the building was rented several times over a weekend and had been found in disrepair on Monday morning. Since no town employees are present during these times it was difficult to determine who had left the mess, which resulted in revocation of the security deposit.

Commissioners considered raising the rental fee but opted to raise the security deposit from $100 to $150 per event. The town manager or senior center director will be responsible for monitoring events to determine if deposits are returned. If the building has not been cleaned, a renter will receive only half of the deposit back. In the case of physical damage, the entire deposit will be forfeited.

The new rates will take effect immediately. Events that have already been scheduled will not be affected.

In other business, Mayor Roy Maness and Commissioners Watkins, Elkins, Wallace Jones, James Hurley and Bruce Hamilton:

* Learned that the paving project at the fire department had gone over budget due to grading issues.

* Were reminded that the annual Small Town USA event will be Oct. 27 in the area around Montgomery Farm & Garden on North Main Street. Montgomery Farm & Garden sponsors the event.

* Were brought up to date on activities of the Public Works Department. Drainage issues and potholes are being repaired by crews in addition to their regular duties.