By Nick Nunn, Staff Writer
The Downtown Development Authority of Madison (DDA) reported closing on the Star Drug/NBC building at 150 West Washington Street, Madison, during their Sept. 19 meeting.
During the August meeting, the DDA approved an acquisition loan in the amount of $157,000 – to which the DDA would add $3,000 – for the $160,000 building.
Madison Planning Director Monica Callahan stated during the Sept. 19 meeting that the property is currently cash positive: the DDA’s mortgage payments are approximately $470 for the building, while the rent that the building’s current resident pays the DDA is about $700. The remainder, which amounts to approximately $230 monthly, goes back into the DDA’s general fund.
Last week, the Central of Georgia Depot was moved to its planned location. The relocation of the depot is one of the last steps for phase one of the depot project. Phase one will also include the construction of a replacement office building at the depot’s previous location.
DDA Member Everett Royal explained that, during the move, some of the proposed elevations had to be changed in order to put protective timber in the building’s footings, but the changes didn’t create any additional problems.
“All of those concerns got taken care of,” said Royal. “It’s going to look good. It’s going to work well.”
Callahan noted that a video documenting the move was created and that the video could be used at a later date for fund-raising purposes.
The DDA also approved a change in their interfund transfer policy, which created a procedure for authorizing transfers electronically.
The new procedure allows DDA members to approve transfers via email and would diminish the amount of time required for authorizing and completing interfund transfers among the DDA’s accounts.