The Alton Committee of the Whole has approved an agreement that could lead to long needed repairs to a downtown building damaged almost three years ago during a storm, but not all aldermen are on board. The former Cracker Factory Building in the 200 block of East Broadway had its top floor leveled during a wind storm and the city still wants the owner to fix the damage or tear down the building.
The total cost of the project is estimated to be about $1.3-million. Owner Mike Kelly is coming to the city in pursuit of about $332,000 in TIF Funds, which represents the normal 25% match.
Alderman Charles Brake is concerned the city will be agreeing to pay too much for something he feels should have been done years ago with insurance money.
Brake says he's not against the project, but feels the city may be overpaying for Phase 1. The resolution to approve the TIF funding passed 3-2, with two aldermen absent. The measure could go either way when the full council gets the measure tomorrow night at 7:30.