By Nick Nunn staff writer

The Downtown Development Authority of Madison (DDA) voted unanimously to enter into an intergovernmental agreement with the city of Madison in order to purchase property at 162 North Main Street, including the parking lot that the city currently leases for its own use. The DDA also approved a resolution to finance the purchase the property with United Bank, who offered a 3.55 percent interest rate on the $305,000 note, which is fully amortizing and has a five-year term. During each year of the five-year term, the city of Madison will disburse funds in the amount of $67,000 per year in order to pay down the loan. The 5-year working budget was also approved by the DDA at their June 19 meeting. Based on the working budget, the DDA expects to expend approximately $636,000 during the fiscal year (FY) 2014-2015, while bringing in more than $642,000 in revenue for a positive net gain of more than $5,400. According to the five-year projection, the DDA should continue to gain surplus revenue from year to year.

The estimated surplus from the prior year for FY 2018-2019 totals more than $139,000. The DDA also looked at the expenditures for the first phase of the Central of Georgia Depot project in preparation for the second phase of the project. Phase one, which saw the acquisition of land for the depot, the donation of the depot, the relocation of the depot, the construction of a replacement office for Norfolk Southern, and the paving of North Bull Street, cost a total of $279,000 in expenditures, which was only a little more than $9,000 over the amended DDA budget for the project.

Madison Planning Director Monica Callahan said that only being over-budget by $9,000 was “not bad” considering the scope of the project and the changes that it underwent during the first phase. Callahan said that the Depot Committee of the DDA will be able to begin planning for the second phase of the project, now that the figures from the first phase are in hand.

The DDA voted to approve of Diversified Environmental Management, Inc., as the low bidder for the removal and disposal of asbestos exterior siding and wallboard joint compound at 992 Mapp Street, Madison, for $3,800. DDA Chair Shandon Land said that the Gilmore House renovation is “moving right along” and that the flooring was set to be installed on Monday, June 23. Land added that the DDA will begin advertising the incubator offices on the bottom floor of the Gilmore House relatively soon. Callahan said that the replacement depot for Norfolk Southern has been completed, and the DDA passed a motion to execute a bill of sale for the building to Norfolk Southern unanimously. Callahan added that there will be a ribbon-cutting for the building some time next month.