RICHMOND

Richmond selectmen on Tuesday agreed to use available economic and community development funds to provide a developer with a low interest loan in order to save a historic building facing demolition.

An informational session on the project willbeheldaftera6p.m.specialtownmeeting and subsequent public hearing on Aug. 19 at Marcia Buker School. Town officials and the developer and his partners will be available to give information on the multiphase project and to answer questions.

Selectmen Chairman Peter Warner said the Hawthorne Building, located at 330 Front St. at the corner of Main Street, has been vacant for about 15 years. Built in 1852, it has housed the post office and apartments above. In the last 10 years, however, he said it has gone through four different owners, all who had ideas on what to do with the building that never came to fruition.

One morning several months ago, Warner said he noticed glass on the ground. After the public works department cleaned it up, the glass appeared again. Town officials realized windows were falling out of the upper floor.

Officials said the building’s owner, Bluebird Investments, LLC, would rather turn the building over to the town than make repairs.

Since then, the town has been trying to find people to do something with the building and many individuals and organizations have looked it over.

Meanwhile, the Front Street portion of the property was blocked off so no one would get hurt if debris fell from the structure.

Les Fossel Restoration Partners LLC approached the town a couple of weeks ago with a business and finance plan for the historic brick building, Warner said.

In addition, Coastal Enterprises, Inc. is going to invest in the property as well. “We’ve come to terms with how we can get it stabilized by winter and they will try to market it as soon as they can,” Warner said.

On Tuesday, selectmen decided to loan $110,000 to Fossel Restoration through the town’s community development block grant (CDBG) loan board.

The loan board had been slated to meet at 6 p.m. Wednesday to consider approving use of the tax sheltered funds provided through a downtown tax increment financing district. Warner said there is currently more than $500,000 available in this fund. At some point, the project will probably utilize both the town’s facade program and loan program.

“It’s exciting news for the town of Richmond,” Warner said.

Bluebird Investments has come to terms with Fossel and his partners for purchase of the property, which Warner called a cornerstone of Main and Front streets.

The developer has a couple of plans to market the building. One or both of the the first and second floors could have commercial use. Alternatively, the second floor could be residential.

“We’re doing our best to save this building and I think this is our one shot,” Warner said Tuesday. “We were looking to declare it a dangerous building and tear it down.”

That demolition would have cost the town $120,000 to $140,000 and result in a vacant lot that the town would still have to sell.

The new plan allows for the preservation of the property and the town doesn’t own it and gets it back on the tax rolls. The town’s online assessing database has the 2.5-story building valued at $70,700 and the land — 0.34 acres —valued at $55,200.

“I would encourage as many people that are interested to attend and get the information,” Warner said. “We certainly feel that we’re doing the right thing with the money we have set aside for economic and community development.”

Also at the special town meeting, voters will decide if they want to spend nearly $14,000 on ambulance service by Gardiner Ambulance Service and allow the town to enter multi-year contracts for this and other services. A public hearing will be held at 7 p.m. or directly after that special town meeting on a proposed change to the town’s traffic and parking ordinance that would limit vehicle weight to 20,000 pounds gross vehicle weight on Weeks Road.

SELECTMEN CHAIRMAN Peter Warner said the Hawthorne Building, located at 330 Front St. at the corner of Main Street, has been vacant for about 15 years. Built in 1852, it has housed the post office and apartments above.