WILLIAMSTOWN -- A developer working to convert the former Carol Cable mill into housing hopes to receive a final piece of state funding this November and begin construction this spring.
Mitchell Properties, LLC Director of Development David Traggorth told the town's Community Preservation Committee (CPC) Thursday night that the company is pursuing a variety of public funds for the Water Street development.
"While we're not in town everyday, everyday we're in Boston trying to make this happen," he said.
Efforts to renovate the former mill into housing units were first initiated by Keen Development, but the project stalled with the death of President Robert Kuehn in 2006. Mitchell Properties of Boston purchased the nine-acre site in 2007.
The project's first phase would rehabilitate the three mill buildings to create 61 units of housing, 13 of which would be designated as affordable, and create a riverwalk along the Green River.
Traggorth explained Thursday that despite pre-selling a number of condominiums, the financial crisis in 2008-2009 stalled the project.
"All loans for condominiums were gone, and we had no banks that wanted to do condominiums in Williamstown," he said.
The company plans on closing the financing gap using historic tax credits, low income housing tax credits, and other public resources, he said.
"The issue with financing and historic tax credits is it takes time," he said.
Mitchell Properties has received close to $2 million in state and roughly $4 million in federal historic tax credits so far, Traggorth said. The company expects the final piece of the financing pie -- $1.3 million in Low Income Housing Tax Credits -- to come from the state this November.
Additional funding would need to be secured for phase two of the project, Traggorth said, which includes townhouses along the Green River.
CPC Chairman Phil McKnight noted the financial impact the project has on the committee. The CPC, which collects a 2 percent surcharge on property taxes under the Community Preservation Act, allocated $1.525 million towards the project in 2007.
"What you have read from us is a sense of frustration and patience wearing thin over six or seven years," McKnight told Traggorth, stressing that the committee supports the developer's project and hopes for good news in November.
"We have other projects under the statute we should be looking at, and we're severely restrained because of this commitment to you," he added.
Town Manager Peter Fohlin expressed optimism after hearing from Traggorth.
"In listening to David for five years...he has been 100 percent consistent over the years in every conversation," he said. "And I didn't hear anything tonight that wasn't exactly consistent with a year ago, two years ago and three years ago."