WCDC Questions Financial Liability Of Comstock House
July 28, 2016 at 4:25 p.m.
What began as a project to preserve a historic building and create a source of revenue has turned into a financial burden for the Warsaw Community Development Corp.
Eight years after purchasing the Comstock House, a building now used to house low-incomes residents, the WCDC is questioning whether it should hold onto the property.
Bruce Woodward represented the 130-year-old building during Tuesday's WCDC meeting and reported the current status of the Comstock House, both structurally and financially.
"We're getting the rents up, but it's a slow process," Woodward said. "What I'm working to do is get expenses down."
Problems resulting from mildew and lead-based paint have forced the WCDC to continually fund efforts to rehabilitate the 7,000-square-foot building.
"The building was purchased in hopes of creating cash flow and cleaning up a blighted property," Woodward said. "In doing so, you've been able to preserve a piece of history."
But, according to financial reports from the Comstock House, the project has yet to turn a profit.
"This is a noble effort," WCDC President Clint Pletcher said. "But now, coming from a businessman's perspective, I'm not sure it makes much sense."
Pletcher suggested finding a state organization to continue the project. WCDC still has seven years remaining on its contract with the Comstock residents.
"The building will come back around," Woodward said. "It's a good investment for someone."
The board also:
• Heard reports from Director Carmen Lock on membership and fees collected for 2006. Lock said 49 of 88 businesses have paid, including one of its newest members, The Mad Anthony Brewing Co. [[In-content Ad]]
What began as a project to preserve a historic building and create a source of revenue has turned into a financial burden for the Warsaw Community Development Corp.
Eight years after purchasing the Comstock House, a building now used to house low-incomes residents, the WCDC is questioning whether it should hold onto the property.
Bruce Woodward represented the 130-year-old building during Tuesday's WCDC meeting and reported the current status of the Comstock House, both structurally and financially.
"We're getting the rents up, but it's a slow process," Woodward said. "What I'm working to do is get expenses down."
Problems resulting from mildew and lead-based paint have forced the WCDC to continually fund efforts to rehabilitate the 7,000-square-foot building.
"The building was purchased in hopes of creating cash flow and cleaning up a blighted property," Woodward said. "In doing so, you've been able to preserve a piece of history."
But, according to financial reports from the Comstock House, the project has yet to turn a profit.
"This is a noble effort," WCDC President Clint Pletcher said. "But now, coming from a businessman's perspective, I'm not sure it makes much sense."
Pletcher suggested finding a state organization to continue the project. WCDC still has seven years remaining on its contract with the Comstock residents.
"The building will come back around," Woodward said. "It's a good investment for someone."
The board also:
• Heard reports from Director Carmen Lock on membership and fees collected for 2006. Lock said 49 of 88 businesses have paid, including one of its newest members, The Mad Anthony Brewing Co. [[In-content Ad]]