By Al Stanek
Whitewater Banner volunteer staff
whitewaterbanner@gmail.com
One of downtown Whitewater’s most prominent buildings is likely to get some major renovations and improvements including an entirely new outside look. Greg Aprahamian, the owner of the building at the corner of W. Main and S. 2nd Street, and the City of Whitewater have agreed to a Development Agreement that could lead to an over $2 million improvement to the building most recently known as “The White Elephant.”
The Whitewater Common Council approved the agreement Tuesday, February 1 which will allow Aprahamian and the Whitewater Community Development Authority (CDA) to proceed with an application for a $250,000 WI Economic Development Authority (WEDA) grant to assist the developer. Plans call for the creation of new retail space on the ground level along with twelve “higher end” one and two bedroom residential units.
Specified improvements call for restoration efforts to get “…closer to its original appearance as an important and historical building in Walworth County.” The agreement calls for removing the existing stucco covering on the front and side elevations and replacing it with an “historic fitting” facade, opening of window spaces and replacement of existing windows with modern windows of the same size and appearance of the original structure along with repair and replacement of all mechanical systems to meet current code requirements.
Once referred to as “Bower’s House,” the property dates back to the 1850’s according to documents contained in a Facade Improvement Loan that the Whitewater CDA is offering as an additional incentive to the developer. Additional financing for the project will come from First Citizens State Bank of Whitewater.
CDA Director Cathy Anderson told the Common Council that the assessed value of the building will likely increase to over $2 million after completion compared to the current assessed value of under $200,000.
The Common Council also was informed that dredging of the city’s two downtown lakes is scheduled to accelerate to a 24 hour per day schedule through Saturday,February 5 and scheduled a review of a long awaited City of Whitewater Housing Study on February 9. Whitewater’s status as a relatively small community with a medium sized college campus makes it unique in that it reportedly has the lowest statewide percentage of owner-occupied homes.
In addition the Council approved the issuance of over $5 million of borrowing to support previously approved Capital Improvement Program projects. The list of projects includes contribution toward the replacement of a WWFD Inc. ladder truck, street reconstruction and stormwater improvements projects, payment for the Lakes Drawdown Project and other miscellaneous items.
Wisconsin prohibits municipalities from incurring debt that amounts to more than 5% of
a community’s equalized valuation and the Whitewater policy is to not borrow more than 70% of that figure. After this bond issue, which could be retracted if financial conditions are not favorable, the City will have borrowed up to an estimated 58% of its limit.
