WINSTON-SALEM, N.C.-- Winston-Salem City Council is considering a $750,000 loan to Durham based developers who want to convert the old Chatham Mill Complex in Winston-Salem into 170 apartments, retail and office space.
The loan would not be the largest in city history and some say it is small knowing the project is expected to cost nearly $40 million to complete.
Winston-Salem Mayor Allen Joines is in favor of loaning the developers money at a rate of 3% for the next 20 years.
"If you think about it, the city's money or 1 dollar of public money will generate about 40 dollars of private investment so create a great tax base for us," said Joines.
Developer Ken Reiter wouldn't comment on the project but city leaders say his plan calls for 170 apartments, some for low-income families. It also calls for parking garages, rooftop terraces, retail space and some more expensive apartments.
This isn't the first project the city has loaned money to. Winston-Salem loaned $3 million to the developers of the Nissen Building.
Built in 1907 and used by Chatham Mills, National Carbon and Western Electric the 6 acre Chatham Mill complex has been empty for more than 15 years say city leaders. The mayor claims redeveloping it would spur other new development in the area.