The Week in Review

....your Wilmington Connection

February 17, 2008

A busy week....this comes to you late after A week of the National Keller Williams Conference in Atlanta.Where all of our top agents share information on getting homes sold and helping buyers find what they want in a shorter amount of time. It was a pleasure and a must to meet so many agents from around the nation. If you are relocating let me know as I can ensure you I know some top agents that can help you through this transition. Here is the local news in Wilmington.

Wilmington program aims to help old buildings find new life

 

Lots of people dream of turning dilapidated buildings into architectural treasures.

On Monday, a group of 70 - many from other parts of the state - got a crash course in exactly what's involved in the task during the Historic Wilmington Foundation's second Preservation for Profit workshop, held at Thalian Hall.

The event brought in a dozen speakers to offer a comprehensive look at the processes involved in rehabilitating historic buildings using tax credits and incentives, as well as a review of local and federal historic districts and redevelopment financing.

Among them were Colleen Gallagher, senior program analyst with the Internal Revenue Service's national office, who discussed the federal tax credit program in detail.

The Federal Historic Preservation Tax Incentives program encourages private-sector rehabilitation of historic buildings by offering a 20 percent tax credit for qualifying projects. It is administered by National Park Service and the IRS in partnership with state historic preservation offices.

Much of the discussion centered on whether the possible benefits outweigh the effort a developer must make to follow the specific standards and requirements of the program .

"This is optional," Gallagher said. "You don't have to do this program. It's your choice."

Developers must decide whether the program is worthwhile for them, said Tim Simmons of the N.C. State Historic Preservation Office. Sunset Beach Bridge update

 

It isn't the bridge they wanted - some never wanted one to begin with. But a group of Sunset Beach residents knew it was time to stop fighting the state over the replacement for their quaint but unsafe pontoon bridge.

They lost, but their battle wasn't in vain. These residents took issue with the additional traffic the new high-rise bridge will surely bring to their tranquil corner of North Carolina, and worried about the impact of the massive construction project on fragile marshes and marine life.

The state, as a result, is on notice that this construction project will be watched by people who have a stake in protecting their environment and quality of life.

People will miss the one-lane bridge, a reminder of the days before condos, high-rise hotels and loudly decorated beach stores overshadowed family cottages on many of our beaches. But the charming span often breaks down, leaving residents and visitors stranded on either side of the Intracoastal Waterway and cutting the island off from fire and rescue crews - a situation that threatens lives and property. OAK ISLAND

Investors buy back stalled condo project

Preserve Holdings LLC is officially the high bidder for The Preserve, a partially finished condominium complex on Oak Island's mainland.

The company, owned by James and Bridget Chirico, made an upset bid of $17.5 million after Wachovia Bank bid $15.3 million at a foreclosure auction in January, according to court documents.

The upset bid period ended at 5 p.m. Thursday, and the Chiricos are moving forward with the purchase and hope to close on it soon, their attorney, Alex Dale, said.

The Preserve, originally planned to contain 246 condos, is one of many properties caught in legal limbo after the Chiricos filed suit in May in Chatham County to prevent Rodney Hyson Sr. and Rodney Hyson Jr. of Cape Fear Realty from taking further actions on behalf of the Cape Fear Trading Groups, the companies that both sides formed to develop land and businesses.

The Chiricos have alleged that the Hysons lied about profit expectations, took funds to use in their other businesses and hired people without permission, among other misdeeds.

The Hysons have denied those accusations.

Grant helps needy pay connection fee

Brunswick County is one of nine communities selected to receive a community development grant from the N.C. Department of Commerce to help families connect to public water and sewer lines.

The county's community development department received the $75,000 grant to connect 27 homes to water and sewer lines.

A total of $596,000 was given to the nine communities to help 208 families. Wilmington airport gets flights to Orlando, Fla.

Shamu, Mickey Mouse and spring break will soon be a 90-minute flight away. The trips are relatively inexpensive, but not as low as they appear at first glance.

Allegiant Air will fly nonstop between Wilmington and Orlando, Fla., twice a week beginning April 4. Introductory fares will be as low as $39 each way on some flights, when purchased by March 8 for travel by Aug. 31. That price doesn't include a number of fees and taxes, however, which would drive the round-trip price to well over $100.

"We are the self-proclaimed 'Official Airline for Sunshine,' and we are thrilled to start service here," said John Fenyes, Allegiant's director of sales.

Fenyes, ILM officials and local elected leaders announced the new commercial service at a news conference Thursday near the ticket counters in the airport's main terminal. During the event, several officials, including County Commissioner Bobby Greer and Airport Director Jon Rosborough, put Mickey Mouse ears on their heads to celebrate the link to the world-famous Walt Disney World theme park.

"I thought I'd have to be an MVP of the Super Bowl to say this," Wilmington Mayor Bill Saffo said emphatically. "We are going to Disney World."

.....until next week in the Week in Review. Tina