A revolving fund was established to help with the initial purchase of stabilization of the Smyre-Pasour House, and those funds have become the basis for the PGI’s work in the community.
The Revolving Fund raises private money, which is then used to purchase vacant,
blighted, or endangered historic properties. PGI cleans them up, stabilizes and secures them if necessary, and then conducts a search for a preservation–minded buyer. Each property is ultimately sold with a preservation easement attached to the deed to protect it in perpetuity. The money from the sale goes back into the Revolving Fund to purchase the next property, and the cycle repeats itself.
PGI uses a set of criteria to determine if a property is a good fit for the Revolving Fund:
Vacant: the building has not been inhabited for some time.
Endangered: the building suffers from long-term neglect or is in imminent danger of being demolished.
Located in a target area: PGI uses its resources in the neighborhoods or areas of the county that could benefit the most from historic preservation investment dollars.