2018-07-18 / News

Restoration project gains support from city’s loan fund

BY BILL WILLCOX
COURIER-TIMES STA FF WRITER

The apartment space above The Courier-Times new location at 111 N. Main St. has undergone substantial renovation to become a rental property, thanks to a loan program from the City of Roxboro.

Cecil and Renee Barker, through Barefoot Development Group, LLC, were approved for a $30,000 loan through the City of Roxboro’s Revolving Loan Program, at the city council’s meeting July 10.

The floor plan for the rental space shows two two-bedroom apartments. Cecil Barker, who works for Legacy Building Company, which renovated the entire building, said the front apartment has been rented and the tenant is expected to move in Saturday. He said he has someone interested in renting the back unit.

The city will be in the position of second lien deed of trust on the property, according to Finance Director Dan Craig.

“The present property tax listing is $71,834,” he told commissioners. “After the renovation, the tax value of the property is expected to be in excess of the first deed of trust and the city’s deed of trust.”

He said the Barkers had demonstrated their ability to repay the loan and they, through another entity, previously had a loan through the same revolving loan program and had repaid it within the terms of the loan. The city council voted unanimously to approve the loan.

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