IDA boosts business center roof project

The Watertown Center for Business and Industry is more than two-thirds of the way to paying for a new roof on Building A.

The Jefferson County Industrial Development Agency added $172,253 to the coffers when its board agreed Thursday morning to pay back a 2003 loan.

"There is a great sense of urgency for the replacement of the roof on the building," said John Doldo Jr., a board member of both JCIDA and the Watertown Industrial Center Local Development Corp., which runs the facility. "There is some risk of losing some tenants and some safety concerns."

Building A has the majority of tenants and more than 80 jobs at the center.

WICLDC now has more than $1 million promised for the project, with $200,000 loans from the Jefferson County Local Development Corp. and Watertown Local Development Corp., a $200,000 grant from JCLDC and a $250,000 grant from the state Empire State Development Corp.

Building A covers 80,000 square feet and has the most critical roof needs. But the roofs on the three other buildings at the center also have to be replaced. Replacing the Building A roof will cost about $1.5 million, but replacing all of the roofs will cost about $3.1 million.

In June 2003, WICLDC lent JCIDA $350,000 to help the agency through a cash crunch in the midst of many projects.

JCIDA also approved an $80,000 loan to Riverview Plaza LLC, matching increased financing for the $2.9 million project after it ran into cost overruns. Watertown Local Development Corp. and the Development Authority of the North Country added $80,000 to their permanent financing for the project Feb. 18, so it now totals $311,250 each.

Developer Michael A. Treanor is transforming the former Bradley Building, 498 Newell St., into three commercial spaces and 31 one-, two- and three-bedroom apartments. The project ran into about $380,000 in cost overruns from a required change in the connection to the stormwater sewer system and other mechanical issues.

"This is typical of a project in cities where they're rehabbing old warehouses, like in Chelsea, and I thought, 'Wow, this is in Watertown,'" said W. Edward Walldroff, board member.

The development has received its certificate of occupancy in the last week, JCIDA Chief Executive Officer Donald C. Alexander said.