Association hopeful Elgin will invest in Cook mansion rehab

May 18--The Gifford Park Association is hopeful that one day soon someone will buy and rehabilitate the empty David C. Cook mansion, and that the city would contribute money to the project.

"It's all a dream right now," Gifford Park Association president Dan Miller said.

That dream took a step toward reality after the association recently received the results of a feasibility study it commissioned. The study was paid for with $2,000 from the association, a $2,000 grant from preservationist group Landmarks Illinois, $1,000 from the city and $1,000 from the foreclosing bank.

In a statement, Bonnie McDonald, President and CEO of Landmarks Illinois said, "The feasibility study will help attract a buyer who understands the value of investing in historic properties. Our grants, though small, provide seed capital to help communities across Illinois save the places that tell their unique story."

The mansion at 105 N. Gifford St., has sat empty for more than a decade, GPA member Paul Bednar said, and it has been in foreclosure for eight years. The manion previously was the Bowes Retirement Home.

Born in 1850, David C. Cook founded what would become the nation's largest interdenominational publishing house. The Cook home is a 12-room mansion that cost $10,000 to build in 1885, the city said. It became a nursing home in 1945, and additions were added over the decades.

"It's one of the remaining grand mansions of Elgin, and it is still standing in our neighborhood. It's an incredible space, and it still has the bones there (for rehabilitation). Just fixing it would improve the value of homes in the neighborhood quite a bit," Bednar said.

The study, conducted by Gary W. Anderson Architects of Rockford, offers various options for converting the property to its original 1880s look. Its initial phase would have volunteers help remove additions, strip paint and clean the interior.

A $1.56 million option would "return the property to a single family home, fully renovated and with some restoration of its remaining architectural features," the study states. A $1.27 million option would create a single-family home at a reduced cost, with the renovation using lesser quality materials and spending less on some of the improvements.

Another option would run $1.4 million and make the property a two-family unit. Another idea would restore some of the original architecture and convert the property to a bed and breakfast at a cost of $1.56 million.

The study states: "For all options, we assume a $1 acquisition price and then consider private equity, sweat equity from neighbors and other interested parties, a conventional 20-year bank loan, federal and state historic tax credits, a façade improvement program as sponsored by the Gifford Park Association, a 5-year tax rebate on the city's portion of taxes (at 20 percent of the full tax bill), additional city participation in the amount of $50,000, the hopeful donation of landscaping material with volunteer installation, and a gift from the DC Cook Foundation of $100,000."

At a special meeting held in April, the GPA board agreed to set aside $50,000 of its own money for any project. Miller said the study's other assumptions are what the association hopes can happen.

Miller said the association has not asked the foundation or the city for any funding yet. Elgin provided $6.35 million in tax increment financing for the Tower Building project downtown, and the Cook mansion also stands in a TIF district, he said.

Mayor Dave Kaptain said renovating the home is a nice idea but not necessarily one the city would or could support at this time. Kaptain suggested the association try raising more money toward the project on its own.

City Council member Terry Gavin said he would like to see that there is a serious investor for any plans for the property.

"If we're going to be spending money, I'd also want to know what Elgin's return on investment would be," Gavin said.

mdanahey@tribpub.com

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