Renovations on the old Southern Printers building in downtown could start by early to mid-October, Economic Development Director Jay Trahan told Orange City Council Tuesday. The council and the separate Economic Development Corporation Board of Directors voted once more to invest $350,000 to develop the old building into loft apartments, plus a restaurant and shops. The agreement is with Orange native Michael Wray, a developer with Brazos Urban of Austin. Trahan told the council the city attorney and Wray have not finished the formal contract. The city is supposed to give the money in payments based on the amount of work completed. At the end of five years, Brazos Urban is to repay the city $75,000, which will make the city’s total investment $275,000. Councilman Bill Mello asked whether the city could have a lien on the project for the $75,000. Assistant City Attorney Andrew Culpepper said the primary commercial lender would have the lien on the building and would not allow a second lien. He said the terms of the contract will include what milestones the project has to reach before the city gives a payment. Mello said the city needs to make sure safeguards are in the agreement. The money for the project is coming from the city’s special economic development sales tax that was approved by voters in 2002. Use of the tax money is restricted under state law.
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