ALTON - The Alton Committee of the Whole gave preliminary approval of a redevelopment agreement for another TIF project in the city’s downtown on Monday. The latest project includes various improvements to the building housing Refabuloused Relics at 615 E. Broadway between Henry Street and Ridge Street.
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Alderman Raymond Strebel shared a few more details about the project at the meeting on Monday.
“They’re right down on Broadway next to Germania, and the owners there want to build a back second-floor porch with a stairwell down,” Strebel said. “I believe they’re going to have some work done also, they want to turn it into an apartment complex on the second floor.”
According to the redevelopment agreement, the full scope of the project consists of both interior and exterior renovations, including the construction of a rear deck and steps, door replacement, new flooring, HVAC installation, and the creation of a second-floor residential unit under the terms of the Residential TIF Grant Program.
The total low-bid estimated project cost totals $82,054.11, of which the city has agreed to reimburse up to $22,863 - but as the agreement states, the city will only reimburse these funds after the work has been completed and after the developer provides evidence of the costs.
“The City shall have no obligation to fund any portion of the work described in Exhibit B until Developer has reasonably demonstrated to the City that said work has been satisfactorily completed in its final form,” the agreement states. “Additionally, the Developer's request for payment shall be supported by invoice copies, all applicable sworn statements and final lien waivers from the general contractor, subcontractors and other vendors, and canceled checks, prior to City providing any Redevelopment Assistance.”
The Committee of the Whole members voted unanimously to approve the redevelopment agreement for the Refabuloused Relics building. The item now goes to the Alton City Council for a final vote at 6:30 p.m. this Wednesday, Dec. 20, 2023. Catch that meeting live on Riverbender.com/video/live or on the Riverbender.com Facebook page.
A full recording of Monday’s Committee of the Whole meeting is available at the top of this story, on the Riverbender.com Facebook page, or on Riverbender.com/video.
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