BANGOR, Maine — Work to redevelop a historic downtown building could start soon if city councilors approve an arrangement with the former owner during their next regular meeting.
After discussing the details in executive session on Monday night, members of the Bangor City Council’s Finance Committee voted to recommend to the full council that the city enter a development agreement with David S. Boyd of California for the vacant six-story structure at 73 Central St.
Boyd flew to Bangor late last month and offered to pay the $35,000 he owes in back taxes on the building, but councilors weren’t swayed and voted to acquire the property.
Since then, Boyd has been working with city staff on an arrangement through which he might eventually have it conveyed back to him, City Solicitor Norman Heitmann said.
The deal, however, comes with strings attached — namely that Boyd pay off his past due taxes and keep current on future tax bills, that he address code issues involving the building’s sprinkler system and facade, and that he renovate the ground level to a condition that it can be leased to a business.
Boyd said last month that he has drawn up a lease with Jeshua Serdynski, who is part of a team trying to start Ragnarok Coffee Society in 73 Central’s first-floor storefront. The artisanal coffee shop had a failed Kickstarter campaign last year, but it continues its effort to open and has $100,000 in equipment with which to start the business.
Heitmann said that Boyd hired House Revivers’ Robert Kelly to put together a redevelopment plan for the structure, also known as the Central Building.
Estimates indicate that it will cost about $3,900 to bring the sprinkler system into compliance with code and another $105,000 for the facade and commercial space work, Heitmann said. He said Boyd’s long-term plan is to turn the upper floors into apartments, which would cost about $1.9 million.
“This would all be done prior to any reconveyance as pursuant to a written agreement that would be approved by the council for the payment of the taxes and rehabilitation of the property,” Heitmann said.
Councilor Joe Baldacci said the city has little to lose by entering an agreement with Boyd.
“Reasons I think are important in moving this forward to the full council is that the taxes are being paid [and] code issues have to be addressed,” he said.
“This is probably the most prudent, if not expeditious, way to get those code issues addressed and potentially have this building redeveloped, he said. “I understand there may be ups and downs with this agreement. I understand also that if this agreement is not followed through with or is not satisfactorily performed, we will still have other options as a city in terms of redevelopment.”
Councilor David Nealley agreed.
“I personally know that the city did what was prudent, even though it was a little more aggressive strategy than we’ve used in the past,” he said. “I want to thank Mr. Boyd for stepping up to the plate to move this project forward and obviously with a credible group like House Revivers and Bob Kelly, things look good for the city.”
The council is slated to take the development agreement up during its next regular meeting on Monday night of next week.