On Monday, the Hillsborough Board of Commissioners passed a resolution committing to facilitate the preservation of the historic Colonial Inn. And the commissioners voted to hire the UNC School of Government to provide financial, legal and technical advice, which will cost Hillsborough $8,500.

“We can start to look at the things that y’all have been talking about . . . the percentages or proportions of private involvement, what a typical bank would lend something like that,” said Christy Raulli from UNC School of Government’s Development Finance Initiative. “Once we know that, we can determine the gaps. So that’s where public financing comes in. That’s where philanthropic financing may need to come in. And we can start to put all the pieces together.”

Francis Henry, owner of the 176-year old building, applied twice for permission to demolish it. Hillsborough’s Historic District Commission denied him permission both times.

Mayor Tom Stevens said the building’s preservation is the town’s number one priority for the property. Secondary priorities are renovating the building in a way that would contribute to the town and benefit the public.

Bob Johnson helped form a nonprofit, the Colonial Inn Preservation Association, focused on preserving the building.

 “We have about $37,” said Johnson to the laughing board members. “What we really have is a large and growing group of people interested in making something happen here. And we’ve been, over the past three months now, having regular meetings with Francis Henry.”

Mayor Stevens listed several strategies to preserve the building, including eminent domain, the right of a government to seize private property for public use with payment to the owner.

Johnson said the owner has the same goals as the nonprofit and the town: to rennovate the inn.

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