Armington & Sims Factory 1890 Photo: The New England Wireless and Steam Museum, Inc.							The Monohasset Mill Project, LLC is a unique adaptive reuse of an historic mill complex for subsidized and market rate artist live/work condominiums. Developed by four artists who share a commitment to the arts and arts community, this project represents a vision for the city's underused and vacant commercial and industrial buildings. This development also shares in the wider concern that rising real estate prices in Providence and other cities are driving the once rich and vibrant artist communities out of the city. In recognizing this, the MMP seeks to minimize the potential negative effects of gentrification to the existing community The catalyst for the project has been to create a platform from which to promote the preservation of Providence?s Industrial mill buildings. As such, we have been actively involved in the preservation community and the politics of the city to help create measures of protection and financial tax incentives to promote the adaptive reuse of these historic buildings- many of which have been lost to fire, neglect, abandonment and big box developers among others. The restoration of the Monohasset Mill and the incorporation of salvaged material, hardware and fixtures from many of Providence?s demolished industrial buildings into the design and construction of our project, encourages the creative adaptive reuse of these buildings by example. We want to show that these buildings have the ability over time to adapt to the changing needs of the city and as such provide economic sustainable growth through their rehabilitation. This is in sharp contrast to the inexpensive and non-durable materials of much of our new construction for site & function specific uses. These types of buildings are not economically sustainable or conscious of our planet?s recourses because they are designed for the short term and need to be torn down when their function has expired. A primary concern in creating a community of artists is to provide subsidized lofts, office and live/work space for sale to individuals and collective artist/designers. HOME funds will be used to ensure that subsidized spaces are provided within the project. These units will have resale restrictions in order to ensure they remain affordable in perpetuity and available only to artists who qualify under the selection criteria. The remaining housing component will include units at market rate in order to make the project financially feasible. The market rate lofts are not restricted to artists although every effort will be made in marketing these units to established artists who can afford them. To this end, we have designed the condominium documents to facilitate an artist live/work environment. In the absence of artists, preference will be given to individuals who can document themselves as art patrons and/or community activists. MMP, LLC has established a working relationship with the Providence Preservation Society Revolving Fund to assist in maintaining the vision of this project. The primary role of the Revolving Fund has been to secure and administer the Home Funds necessary for the subsidized component of this project. The PPSRF will also have a permanent role in supervising any future resale or transfer of the subsidized units and to help ensure compliance to the resale restrictions. The Revolving Fund is also involved in rehabilitation design oversight, State Historic Tax Credit compliance, and the fiscal responsibility of the construction and operating budget of the project. Service to the Greater Community The Monohasset Mill Project, LLC is committed to the idea that creative expression is crucial to the development of both individuals and a healthy community. In keeping with the commitment to the greater Providence community, a portion of the building during the estimated three years of construction is devoted to a community center and gallery that provides a creative outlet for performing and visual artists as well as community and educational function. This space is free for non-profit organizations and works on donations or sliding scales for others. The remaining space not under construction is dedicated to affordable rental space for artist studios and non-profit organizations. Every effort will be made to bring artists into the building that are community activists and share in a vision of local community service. Selection Process The resident selection process will include an evaluation of the person's commitment to his or her artistic medium over time, as well as the extent to which s/he has demonstrated community involvement through art and leadership. This will help to ensure that all residents share the vision of the Monohasset Mill Project, LLC. Affordable units will involve an additional evaluation set up by the Home Fund criteria. These criteria will be based on a low annual net income and eligibility within the artist selection criteria.