F’ville may back loan to buy store on courthouse square
The April 17 meeting of the Fayetteville City Council will include a proposal that the city back a loan for the Downtown Development Authority (DDA) to purchase a building on the courthouse square for re-sale and to discuss City Manager Joe Morton’s request that he step down from the board of the Fayette County Development Authority.
The meeting was to include a vote on the potential consolidation of the city and county fire departments. A special meeting to further discuss the consolidation will be held April 23 at 5 p.m. at City Hall.
The council on April 17 will consider a proposal to serve as a loan guarantor for the DDA’s purchase of the former dress shop at Lanier Avenue and Glynn Street for re-sale as retail or restaurant use.
Community Development Director Brian Wismer said DDA has sought financing from Regions Bank for 80 percent of the $179,000 purchase price of the 1,700 sq. ft. building.
“Because of DDA’s interdependence with the city for a portion of its revenue source, the lender has requested that the city serve as the guarantor of the loan,” Wismer said.
Wismer said DDA wants to acquire the vacant property to continue the restaurant and retail momentum going in the downtown area, adding that the goal is to sell the building for a similar purpose.
Also at the meeting, Morton is requesting that his seat on the Fayette County Development Authority be given to Mayor Greg Clifton.
Morton in an April 10 letter said, “With the changes occurring in the makeup of the FCDA board I think this would also be a good opportunity for someone else to serve as the city’s representative.”
Morton has served two four-year terms prior to being unanimously re-appointed by the council last month.