JCDC OKs funds for Hood Building

One-third of the funding necessary to purchase a building for a proposed housing project has been committed.

Jay County Development Corporation’s board of directors on Monday voted to approve the use of $75,000 set aside for housing and infrastructure goals toward the purchase of the Hood Building.

The board followed the recommendation of its executive committee after Jay County Commissioners gave their OK last month.

That commitment, along with $25,000 in economic development income tax (EDIT) funds from the commissioners, brings the total to $100,000 toward the purchase price of $300,000. Use of the funds is contingent on other local sources committing money for the remainder of the purchase.

Jay County Community Development director Ami Huffman explained the proposed project to the JCDC board, noting that the Hood Building — home to The Commercial Review at 309 W. Main St. — had been identified as a potential site for housing during the process of putting together Portland’s revitalization plan. Forza Commercial Real Estate, Zionsville, in May submitted a letter of intent to renovate the building for adapted use — apartments in the upper floors of the four-story building while keeping the newspaper in place as a renter in the lower floors.

Because the project would likely take a few years to come together — Forza estimated 2022 or ’23 — Huffman has proposed that local entities partner to purchase the building and hold it for future development. 

In addition to JCDC, that could include Portland Economic Development Corporation and/or Portland Redevelopment Commission.

The proposal comes as The CR’s publisher, Jack Ronald, is considering an offer to purchase the newspaper.

Several board members had questions about the project, including what would happen if the proposed housing development does not come through or if the newspaper, at some point, ceases operation.

Huffman answered, saying that if the proposed housing doesn’t happen, the building would still remain in local control to seek another project. And while there are no guarantees about the newspaper staying in place indefinitely, the proposal would keep the business in local hands, she said.

Board member Jeanne Houchins asked if such a process had ever been used in Jay County. Fellow member Chuck Huffman noted that the City of Dunkirk purchased the Stewart Brothers Building in order to keep it under local control and rehabilitate it for future development.

All board members in attendance — Doug Stanley, Rex Journay, Randy Geesaman, Mike Fisher, Ron Laux, Trent Paxson, Gyneth Augsburger, Bob Lyons, Joe Johnston, Barb Street, Dan Watson, Houchins and Huffman — voted in favor of allocating the money for the Hood Building purchase. 

The money will come from $200,000 in economic development funds from Bluff Point Wind Energy Center that Jay County Commissioners set aside in June 2018 for JCDC to use toward goals set forward in its strategic plan. That included $50,000 each for housing, infrastructure, economic development and workforce development.