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ATTACHMENT C <br /> <br /> <br />Tiffany Building <br />Project: <br /> <br />Summary: <br />Built in the late 1800s, the Tiffany Building was severely damaged by a <br />1986 fire. The unhabitable structure sat vacant for over 5 years and the improvements <br />had an assessed value of only $500. In 1991, the URA provided gap financing in the <br /> <br />amount of $350,000 for the renovation of the building. <br /> <br />Outcome: <br /> The Tiffany Building is on the National Register of Historic Places. The <br />renovation project included the creation of 18 new downtown housing units. Prior to <br />the renovation, it had been several years since any new housing units were developed <br />in the downtown core. The immediate market success of the Tiffany Building <br />apartments played a major role in stimulating other downtown housing, including <br />Broadway Place and High Street Terrace. The project has also attracted successful, <br />local retailers. Financing provided for the project has been repaid in full. Since the <br />historic tax exemption expired in 2005, the Tiffany Building property has paid over <br />$55,000 in property taxes. <br /> <br /> <br /> <br /> <br /> <br /> <br />