New Life for the old Bank of Reidsville

Over the past several months, the City of Reidsville, the Reidsville Downtown Corporation and the "Friends of Downtown" have developed a downtown revitalization Master Plan and are beginning the phased-in implementation of that plan. We will begin construction on our new farmers’ market park and pavilion on Nov. 1; some long neglected buildings have been removed to make way for another future city park (conceptual designs have been approved); new streetscapes are in design and there is lots new energy and excitement in downtown Reidsville. We continue to move forward by gaining control of some of our historic landmarks and seeking the right developer for those properties.

The City of Reidsville, NC and the Reidsville Downtown Corporation are posting a Request for Proposals on the old Bank of Reidsville and adjacent property at 100-102 S.Scales St. in Reidsville, NC for mixed use redevelopment. The request period expires on Sept. 7, 2007.

Request for Proposals
The Old Bank of Reidsville
Downtown
100 -102 S. Scales St.
Reidsville, North Carolina



Property Description: The building at 100 S. Scales St was constructed as the Bank of Reidsville in 1894. It has 2 floors with 2,850 sq. ft. each and a full basement. This RFP also includes the building next door, at 102 S. Scales St., circa 1921, currently leased to The Mattress Store. This building has two floors at 3,690 sq. ft. each and a partial basement with a crawlspace. The linear footage of both structures along S. Scales St. is 75’ and 95’ along Morehead St. New roofs installed in August of 2007.

The City of Reidsville purchased the buildings in January of 2007 in order to gain site control of these historic landmarks. They are ideal for residential/mixed use development with lots of windows on the front, back and side. There is a city parking lot directly in the rear, with spaces available to lease for residential use. The Mattress Store is the current retail tenant at 102 S. Scales St. Priority will be given to proposals that include upper floor residential condominiums and/or market rate apartments.

These buildings are located on the Monument round-about at the north entrance to our central business district and across the street from the Reidsville Library, Police Department and City Hall. A large city park is in the planning stages for the area directly behind these three buildings. The old Texaco Gas Station on the opposite corner is also owned by the city and is undergoing renovations. Downtown Reidsville has a Master Plan in place to address traffic and pedestrian flow, parking, safety, landscaping and other amenities. There is wireless internet access and a security surveillance system throughout the central business district. The City of Reidsville is committed to the vitalization of the downtown and has already invested in the restoration of the Mural Park at mid-town, the creation of a new Farmer’s Market Park and Pavilion two blocks to the south (construction to begin later this year) and has purchased other vital properties for possible redevelopment.

Financial Incentives: The City of Reidsville will consider a negotiated partnership with the right developer. These buildings would be eligible for historic rehabilitation tax credits totaling 40% of the cost of rehabilitation (20% state/20% federal). There are facade grant programs for as much as $7500. Proposal may be submitted with tax credit contingency.

Restrictions: Proposed project must meet the City Zoning Ordinance. Terms, conditions and deadlines for rehabilitation will be a negotiation between the prospect, the City of Reidsville and the Reidsville Downtown Corporation (RDC). Rehabilitation shall comply with all federal, state and local laws and ordinances regulating the rehabilitation, maintenance and use of the property. All historical architectural features must be preserved and restored.

Zoning: CB (Central Business District)

Tax Rate: .73 City; .635 County; .25 Central Business District

Proposals: The City of Reidsville will receive proposals for the development of these properties until September 7, 2007. Proposals will be judged on the following criteria:

- Quality and feasibility of business plan
- Quality of proposed improvements to the property
- Projected cost of the project
- Ability of the project to meet the city’s objectives for this particular property
- Overall value of the project to continue the vision of downtown development

Selection of the winning proposal is at the discretion of the City of Reidsville and the RDC.

100 S. Scales St. is currently vacant; 102 S. Scales St. is currently leased to The Mattress Store Proposals requiring 102 to be vacant must allow adequate time for the tenant to relocate.

Send proposals to:
attn: Tammy Spencer
City of Reidsville
230 West Morehead St.
Reidsville, NC 27320

Please contact me at (336) 347-2307 or tspencer@ci.reidsville.nc.us if you have any questions or would like more information.