Endangered Properties Program
An Uptown Lexington, Inc. Revitalization Program
Approved by the Uptown Lexington, Inc. Board of Directors 1/10/2001
P.O. Box 340
Lexington, NC 27293-0340
336-249-0383
Fax 336-224-1198
E-mail: uptownlex@lexcominc.net
MISSION OF UPTOWN LEXINGTON, INC. - Uptown Lexington, Inc. exists to create an environment which fosters the redevelopment of Lexington, North Carolina’s historic uptown center, as the community’s primary economic, cultural, and social center. ULI utilizes the National Main Street Center’s Four Point approach as tools for growth of the district: [1]Organization to build consensus and cooperation among many groups and individuals with an interest in uptown; [2] Design to enhance the physical appearance of historic buildings, encourage supportive new construction and develop sensitive design management systems; [3] Promotion to market the traditional district’s assets to customers, potential investors, new businesses, local citizens and visitors; and [4] Economic Restructuring to strengthen the district’s economic base while exploring new opportunities and meeting new challenges
VISION FOR UPTOWN LEXINGTON, INC. - The Uptown Lexington district is the leading business and community center of Davidson County, a place full of people and activity. It has preserved the honest, small-town character of its past while filling its historic structures with a new and lively mix of locally owned shops, quality office space, and urban residences. It is the place that expresses the unique culture and heritage of Lexington – where the “known” and “home grown” are valued over the franchised and homogenized.
MISSION OF THE ENDANGERED PROPERTIES PROGRAM - The mission of the Uptown Lexington Endangered Properties Program is to provide Uptown Lexington Property Owners with an option to save endangered historic properties in order to initiate revitalization efforts that will spur additional development in the uptown area, and to demonstrate the economic benefits of historic preservation.
CRITERIA FOR THE ENDANGERED PROPERTIES PROGRAM - Properties eligible to be donated or purchased through the Uptown Lexington Endangered Properties Program are any commercial, residential, religious, or industrial structures located within the Uptown Lexington Municipal Service District or within a one-mile radius of the district and/or characterized as gateway properties. Gateway properties are defined as threshold properties that must be crossed upon entering Uptown Lexington from a city street, state highway, or railroad corridor. All properties must be historically significant, i.e. (individually listed on the National Register of Historic Places or within The Uptown Lexington Historic District, listed on the National Register Study List, or any property believed to be eligible for listing on the National Register).
OPERATING PROCEDURES OF THE UPTOWN LEXINGTON ENDANGERED PROPERTIES PROGRAM
| 1 | The Uptown Lexington Endangered Properties Program will be created, operated and managed under Uptown Lexington, Inc., a 501 (c) 3 non-profit corporation located in Lexington, NC. |
| 2 | The ULI Endangered Properties Program is eligible to accept donations, contributions and gifts as stated in the Uptown Lexington, Inc. Articles of Incorporation and Organizational Bylaws adopted by the Board of Directors in 1993. |
| 3 | Thereby, the ULI Endangered Properties Program is able to receive donations of property through this program. Property owners are eligible to receive a tax-deductible contribution based on the value of their property for their contribution. |
| 4 | The ULI Endangered Properties Program is eligible to obtain loans as needed that are comparable to the value of the property in order to conduct necessary work or studies on the property as outlined below. |
| 5 | ULI is able to purchase endangered properties that meet the criteria outlined above. The ULI Endangered Properties Program will not pay more than fair-market value as determined by a qualified appraiser for any property that is purchased. |
| 6 | Prior to acceptance of a property if at all possible, the ULI Endangered Properties Program will develop a tentative preservation plan for each project. The plan will include the following components: - A narrative detailing the historical and architectural significant of the structure. - An evaluation of the structural problems and reuse potential. - An identification and analysis of the market potential. - A financial analysis of the building rehabilitation and potential use. - A determination as to the ultimate feasibility of the project. |
| 7 | The Uptown Lexington, Inc. Board of Directors reserves the right to spend funds from the Endangered Properties account to pay directly the costs of a feasibility study, structural or engineering report, environmental assessment, emergency stabilization or repair work, security measures, plans and specifications, or historical documentation as needed. |
| 8 | Uptown Lexington, Inc. will maintain liability, casualty, and property insurance where appropriate, reasonable, and where required on any property that is donated or purchased by the Endangered Properties Program. |
| 9 | Uptown Lexington, Inc. will be responsible for City, County, and MSD taxes on any property acquired by ULI and held through January 1 of the following year. ULI is only responsible for taxes during the first year of acquisition and is thus tax exempt each year after that. If a property is sold during the year of acquisition, the taxes will be pro-rated. |
| 10 | The Uptown Lexington, Inc. Board of Directors may deem it necessary to maintain utilities in the property in order to maintain appropriate humidity levels and to insure the safety in the building while it is being marketed. |
| 11 | The Uptown Lexington Endangered Properties Program will be responsible for all basic maintenance on the building as to insure the general health and safety of the community, including but not limited to lawn and landscaping maintenance, elevator maintenance, disposal of trash or debris, insect and rodent control. |
| 12 | Upon acquisition of a property, the Uptown Lexington Board of Directors reserves the right to do as much or as little repair work as necessary to attract a buyer to the property. |
| 13 | The ULI Endangered Properties Program will not invest more than 75% of the fund’s capital in any one project, unless approved by the ULI Executive Committee based on extenuating circumstances. |
| 14 | Endangered properties will be sold at terms that do not jeopardize the mission of the Endangered Properties Program or Uptown Lexington, Inc. |
| 15 | Recommendations on property transactions shall come from the Uptown Lexington Endangered Properties Work Group to the Uptown Lexington, Inc. Board of Directors. |
| 16 | The Uptown Lexington, Inc. Endangered Properties Work Group shall be made up of the following: An officer of the ULI Executive Committee; a Real Estate Attorney; a Certified Public Accountant; a Realtor; a Commercial Loan Officer; an Historic Preservationist; the ULI Executive Director. |
| 17 | The Uptown Lexington Board of Directors will establish an asking price based upon current market information. Endangered Properties will be resold at fair market value. |
| 18 | All properties sold through the Endangered Properties Program shall be subject to perpetual restrictive covenants or preservation easements to ensure their future preservation and provide for occasional public access to educate the general population on the benefits of historic preservation. The protective covenants ensure the following: -The property will be rehabilitated according to terms, conditions and deadlines to be set forth in protective covenants by the ULI Board. -No alteration, physical or structural change will be made without approval of the ULI Design Work Group. -No addition or additional structure shall be constructed upon the site without approval of the ULI Design Work Group. -Rehabilitations shall abide by all federal, state and local laws and ordinances regulating the rehabilitation, maintenance and use of the property. -Rehabilitations will be completed in keeping with the Secretary of the Interior Standards for the Treatment of Historic Properties and the Uptown Lexington Design Guidelines. |
| 19 | All properties shall be advertised for a minimum of 10 days in The Dispatch, through direct mail to the Uptown Lexington database of potential uptown developers, state & national preservation resources, Open Houses, newsletters and flyers, banners & signs, and through any other media sources as deemed necessary to sell the property to an appropriate buyer. |
| 20 | Offers shall be judged by the ULI Board on any combination of the following criteria: -Amount offered -Amount of investment projected for the project -Number of jobs created -Quality of proposed improvements to the property -Quality and feasibility of business plan -Overall value of the project to continued downtown redevelopment -Ability of the project to meet Uptown Lexington, Inc. objectives for the property The above criteria are not necessarily equally weighted and will be judged at the discretion of the ULI Board of Directors. |
| 21 | All property sold by Uptown Lexington, Inc. shall have the following restrictions attached to the deed: The Buyer (Owner) agrees not to use the premises for any activity, business, or enterprise commonly accepted or otherwise defined to be a bar, tavern or club (more than 51% of income from the sale of alcohol), game room, bingo parlor, storage, massage parlor, adult book, film or paraphernalia store. No more than 50% of the property shall be used for storage or warehouse space. |
| 22 | The Uptown Lexington, Inc. Endangered Properties Work Group shall have the authority to negotiate the details of each project to avoid timely delays in the Endangered Properties Program process. |
| 23 | The proceeds from the sale will be reinvested in other historic properties, less any expenses of time and materials incurred by Uptown Lexington, Inc. |
| 24 | Uptown Lexington, Inc. reserves the right to reject any or all offers at its absolute discretion. |