Peoples Bank building to be restored

Self-Help Ventures Fund and Edgecombe Community College announced redevelopment plans for the former Peoples Bank building during a news conference Thursday in downtown Rocky Mount.

"What a great day this is for Rocky Mount," said Ben Grinnell, who handles marketing and leasing of commercial buildings for Self-Help.

"We're very excited about the Peoples Bank renovation. We believe the downtown area is the soul of a community and needs to be the entity that gives the community an identity."

The five-story, historic bank building at the corner of Main and Tarboro streets has been vacant since the late 1980s. Self-Help plans an extensive, historic renovation of the entire building, including new systems for heating and air conditioning, plumbing and electricity, Grinnell said.

The project will cost about $2.5 million, Grinnell said. It will be paid for through historic tax credits, an investor who wants tax credit and will supply the equity, a low-interest loan from Federal Home Loan Bank in Atlanta and Self-Help financing, he said.

Architectural features, such as the detailed cornice and terra-cotta trim, the terrazzo floors and the original two-story lobby and mezzanine overlook, will be retained in the renovation, he said.

Grinnell said Self-Help is one of the largest community development financial institutions in the nation. It has purchased and renovated 14 commercial office buildings in 10 North Carolina cities since 1991, he said.

"This really was a team effort to get this (project) done," he said. "The city played a critical role in helping us obtain parking and the Rocky Mount Area Chamber of Commerce was really our entree, helping introduce us to people in the community, make presentations and get our names out there in order to make contacts to find an anchor tenant."

Edgecombe Community College, which will be the anchor tenant for the building, was a strong supporter of the project, Grinnell said.

"The community college was the one to really step up and say essentially they believed in our renovation, believed in downtown and wanted to be a part of that building," he said. "We thank them for having the faith in us to do that."

Edgecombe Community College's main campus is in Tarboro, but it has a growing satellite campus in downtown Rocky Mount. The college will house its Work Force Development and Training Center in the first three floors of the building.

Edgecombe Community College President Dr. Deborah Lamm said being an anchor tenant in the building is a wonderful project for the college.

"We look forward to building a strong relationship with Self-Help," she said. "We view the initiative as another way to strengthen that partnership."

Grinnell said everybody played a role in making the project happen. There is still space for lease in the building, he added.

Self-Help is primarily interested in having small businesses, nonprofits and local government agencies as tenants, he said.

"This is a great day for Rocky Mount and particularly our downtown area," said Mayor Fred Turnage. "Self-Help is making a major investment in our community and downtown. This is the highest level of interest in revitalizing downtown we've had in 20 years. Self-Help is a proven entity in North Carolina. They as we do think we can succeed in revitalizing the downtown area. We can make it happen if we pool all our assets."

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.