Financial albatross? EDA ponders ownership of old Stokes Mart building

The issue of maintenance repairs and financial responsibility for them at the Economic Development Authority-owned old Stokes Mart building on East Main Street was brought to the EDA board by staff on January 23.

EDA Administrative Assistant Missy Henry reported that in addition to leaking roof repairs estimated at a cost of $50,000, the owner of the current business occupant The Main Street Market has reported issues with the Heating and Air Conditioning system. Those issues were reported due to what the tenant reported as $1500 monthly utility bills. An estimate on the HVAC repairs is around $14,000.

Despite the repair issues The Main Street Market proprietor wants to stay in business at the location even if it means taking on some or all of the HVAC repair costs if the EDA can provide financial assistance with the roof or other maintenance issues that surface, Henry told the board.

A closer look at the entranceway to the Main Street Market

“I’m still wondering why we own that building – it seems we are throwing good money after bad. Maybe it’s time to let someone else take it on,” board member Ron Llewellyn observed. He estimated $60,000 or more the EDA has already poured into repairs on the building and a second residential rental building on the property, as well as what is believed to have been a somewhat inflated purchase price of $441,000 coupled with looming repairs of $50,000 to $64,000.

“Maybe it’s time to lick our wounds and get on down the road,” Llewellyn said, adding he didn’t believe the EDA could realize $400,000 from a sale.

In addition to the general store building, the property contains an apartment building to the far right behind the Main Street Market sign.

Llewellyn also wondered how the EDA ended up purchasing the building, vacant after former county supervisor Bernard Stokes closed his market following his retirement due to age and failing health. Llewellyn asked town officials present if they had brought the purchase idea to the EDA. Both Town Manager Joe Waltz and Vice-Mayor William Sealock, who were not in their current town positions at the time of the purchase, said they did not know if the Town played a role in suggesting the purchase.

EDA attorney Dan Whitten said he believed the EDA purchase was made with a tenant lined up to occupy and rent with the option to buy the building. Despite a $30,000 small business loan from the EDA, that original tenant B&G Goods went out of business after a year or so.
“We were a bridge to a purchase by B&G Goods but they went out of business,” former EDA Board Chairman Greg Drescher said in agreeing with Whitten’s recollection.

A consensus appeared to be reached when no opposition was voiced to Board Chairman Blanton suggestion the EDA get bids on the HVAC work and proceed with necessary repairs to facilitate the current tenant’s survival prior to a final decision on offering the property for sale.

Then there’s the history of the site where Lane’s Tavern stood and where the first county government met, as a Warren Heritage sign on Bernie Stokes old office at the south end of the general store building notes.