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| The Politics of the Deal |
An Inclusive Approach
06/01/2004
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Nancy Flint-Budde, an entrepreneur in Salem, N.Y., acquired a rundown, historic
piece of property in the town’s center, and by articulating an appropriate
vision to civic leaders, she won the right to rezone and renovate the
property.
 “We purchased a multifamily residence that was a significant
negative for the village,” she says. “It was not a nice piece of property, given
the people who lived there, but it was in the heart of the historic
district.”
She converted the property to office space, and it is now fully
rented to seven professionals (including herself and her husband), generating
higher and more desirable foot traffic downtown. Not only did its position in
the historic district give the town an incentive to allow rezoning and improvements to the property, the historic designation meant that Flint-Budde
could take advantage of a 10 percent federal tax credit for the
improvements.
Her advice: Community relations are key, especially with a big
renovation that creates noise and dust in a congested area, such as a downtown.
“Use local people, and deal with a local bank if the project is at all unusual;
appraisers have to be on site from time to time, and you need someone who
understands what you’re trying to do.” Back to main article: "The Politics of the Deal"
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