PAWV is Seeking Professional Services to Develop Operating Guidelines for Revolving Loan Fund

The Preservation Alliance of West Virginia (PAWV) will be establishing a historic preservation revolving loan fund to support historic preservation projects in the state of West Virginia.  To meet that goal, PAWV plans to engage professional services of a consultant (firm) who is an expert in the disciplines of revolving fund mechanisms, real estate development, and historic preservation.  The successful proposer will work closely with a PAWV committee to develop Operating Guidelines and materials for the new revolving loan fund.

BACKGROUND

Formed in 1982, the Preservation Alliance of West Virginia (PAWV) is the only statewide, grassroots, nonprofit organization dedicated to the preservation of the Mountain State’s cultural heritage. PAWV’s formal mission is, “With a commitment to preserve our unique cultural heritage, PAWV and its members work to save our past for the present and future, supporting and promoting historic preservation through education & outreach, advocacy, preservation tools, and heritage tourism.”The website is www.pawv.org and blog is https://preservationallliancewv.wordpress.com/.

In 2016, PAWV retained Terrell Ellis & Associates (TEA) to examine the feasibility of establishing a historic preservation revolving loan fund to protect historic properties in West Virginia, and, if determined feasible, to make recommendations on the structure and management of the program.

Through this process, TEA recommended PAWV move forward with the development of the loan program with the following parameters, which are summarized below. (The full feasibility study and recommendations explained in detail are available upon request.)

  • Target historically-significant and/or endangered properties, all of which must be listed on or officially determined eligible for the National Register of Historic Places
  • Insist borrowers agree to restrictive covenants on properties that utilize loan funds;
  • Establish funding priorities that are geared toward:
    • “Main Street” commercial properties and
    • PAWV Endangered Properties;
  • Use loan funds for:
    • Predevelopment funds to get a project in position for financing (tax credit consulting, due diligence, A/E services, legal, environmental, market research, etc.) and
    • Flexible financing (such as bridge loans for predevelopment, acquisition, and rehabilitation expenses) that will accept deferred payments until a project is done and cash is flowing, including until the time tax credits are sold.
  • Partner with Natural Capital Investment Fund (NCIF). NCIF will handle all the underwriting, loan closings, and loan servicing. The funds would be restricted for use only by PAWV-approved projects.
  • Lend to projects that demonstrate a commitment to leverage the multiple resources that are available to fund historic properties.

PAWV has been awarded funding from the 1772 Foundation to secure professional services to develop operating guidelines for PAWV’s Historic Preservation Revolving Loan Fund.  These services will be used to create a comprehensive operating plan to move the revolving fund towards complete initiation.

DEADLINE

Proposal must be date- and time-stamped by 5:00 p.m. EST on Friday, June 2, 2017.

Request the entire Request for Proposals document by contacting dlapresta@pawv.org

 

 

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