BUCKSPORT – The future of Wilson Hall, one of the historic brick buildings remaining from a long-ago closed school, could rest on the town’s willingness to establish a public housing authority that would help pay for its renovation.

Aaron Gleich, the building’s owner, has asked the town to create a housing authority that would serve as a conduit for bond funds – a portion of which, he said, would be used to rehabilitate the vacant and deteriorating structure.

The building, which is listed on the National Register of Historic Places, recently was condemned. Built in the 19th century, it once housed aMethodist seminary, or school. In the 1930s, it was used by the Roman Catholic Church.

It was closed in the early 1970s.

“I’m at a crossroads of possibly losing the building,” Gleich told councilors earlier this month.

He said if he cannot get funding “sufficiently cheap” for the rehabilitation, he very well could lose the building. A public housing authority created by the town would allow Gleich to borrow money at a much lower interest rate, he said. The authority would act as a pass-through entity, he said, issuing bonds and then loaning the funds to him.

Gleich assured councilors there will be no risk to the town.

He said his letter of credit would give those bonds issued a AAA rating, the highest rating available.

Gleich said he would provide that letter of credit for $3.8 million. The figure includes not only the work at Wilson Hall, estimated at about $800,000, but other projects too, while Gleich restructures existing debt.

Gleich, who also owns Bucksport Apartments in town, said he intends to renovate the building and convert it to housing. Initial plans, he said, call for eight one-bedroom units.

Town councilors were cautious in their response.

Joel Wardwell expressed concern that a public housing authority may be unwieldy to deal with. He also questioned the power that members on such a board would hold.

Sharon Betts asked whether there was any real benefit for the town to be involved in this. “What do we get out of it?” she asked.

Gleich indicated he would like to begin work on Wilson Hall as soon as possible.

“This is an ideal time to have carpenters working on the inside,” he said.

Town Manager Roger Raymond suggested that councilors turn over Glitch’s request to the town attorney for review, to which the councilors agreed.