Posted: Tuesday, March 18, 2008 12:00 am
Albany's downtown renewal district is preparing to cancel a $357,000 financial aid package for remodeling the former Book Bin building at 415/421 First Ave. S.W.
The package had been tentatively approved based on a request by Willamette Development Services of Albany.
According to a resolution prepared for the Central Albany Revitalization Area advisory board, the city staff found that the company did not own the building, that the applicant had been removed by his board of directors, and that the company did not provide proof of ownership by a certain date.
The resolution canceling the aid package will go to the the advisory board and then the city council - acting as the Albany Revitalization Agency - when they meet starting at 5:15 p.m. Wednesday in the council chambers at city hall.
The proposed CARA financial aid package for the Book Bin consisted of a $60,000 grant and a $297,000 loan.
The building formerly housed the used-book store by that name. Willamette Development Services had intended to remodel it into a building-materials warehouse and store, as well as offices or housing.
Downtown development coordinator Kate Porsche said she understood someone may be interested in acquiring the building and restoring it.
Democrat-Herald