The Taunton City Council was less than enthusiastic in giving the go-ahead to spending at least $400,000 more in grant money for what is hoped to eventually be the conversion of an old mill complex along Taunton River into condos.

The reasons the council approved proceeding with the project included that $118,000 in grant money already has been expended in removing oil tanks.

It did not want the city to walk away from that with little to show for it.

Another reason is the council’s confidence in the WEIR Corp., which is steering the project, and in the experience and expertise of Kevin Shea, director of community and economic development.

The $118,000 in grant funding doesn’t compare with the $3 million in city money already spent for proposed the THS/Parker Middle School project, and there remains the possibility that the city will walk away from that project.

The lack of enthusiasm on the part of the councilors for proceeding with the F.B. Rogers factory conversion was summed up in the words of Councilor Thomas Hoye when he noted that no potential developers were pounding on the door to invest their money.

During the discussion, however, it was mentioned that Bank of America reportedly had made inquiries about the project.

That’s far, of course, from standing at the door with a checkbook in hand.

The Weir Corp. does have an agreement in which the Metric Corp. would purchase the property for $50,000 once the city cleans it of all hazardous waste.

That’s why the additional $400,000 is necessary.

Once it purchased the property, Metric would look for investors, the councilors were told.

All the councilors expressed concern because of the increasing costs of making the site environmentally safe with no one standing on the sidelines ready to create the 44 two-bedroom units, nine of which would be designated as affordable.

The expectation is that the units would sell for $170,000 to $260,000.

The prices were determined before the housing market took a dip.

If the gamble - which is what the project is - works out the way it is supposed to, then the conversion of the historic mill will be a tremendous asset, not just to the Weir, but to the entire city as well.

The project is a long-range gamble, but one worth taking.

Even though it is not city money that is being spent, someone noted that if the project fails to materialize, there will be nightmares about how much road improvements could have been bought with that grant money.

Information from: www.tauntongazette.com

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