EDIC wants city help to finish building rehab

LYNN – A million-dollar price tag to convert a downtown building into living and work space for artists has doubled, prompting city development officials to search out city tax dollars to complete the building’s renovation.”We need the city’s help,” Economic Development and Industrial Corporation Director James Cowdell said on Wednesday.Cowdell said the 2012 architect estimate for renovating 33 Central totaled $1 million. Lynn-based contractor DeIulis Brothers Construction submitted the low bid for the work totaling twice that amount.EDIC provides low-interest loans to new and existing businesses using state and federal money, and Cowdell said agency money paid for 33 Central’s interior demolition, a new roof and work to secure the former Arnold Stationary building against winter weather.He said EDIC is determined to finish the project and said putting the project out to bid again is a possibility.”The message is, ?we’re not abandoning this.’ It’s how do we get to where we need to be,'” he said.Cowdell said EDIC needs $1.2 million to finish renovation work even after subtracting the estimated $849,000 the agency anticipates receiving from the six live/work units’ sales.”It’s a significant investment that takes up a significant portion of EDIC’s reserve money,” Cowdell told agency board members.At board member Magnolia Contreras’ urging, board members will ask Mayor Judith Flanagan Kennedy to discuss city tax dollar assistance to complete 33 Central.”This is an important building for downtown – it’s part of the revitalization,” said Contreras.EDIC board chairman and Housing Authority and Neighborhood Development Director Charles Gaeta said 33 Central and housing planned for vacant lots on Washington and Sagamore streets will benefit surrounding neighborhoods.”The project will be completed: It’s not ?if,’ it’s ?when,'” Cowdell said.