The Alton City Council has approved a lease agreement that will allow the owner of the old Cracker Factory building to continue repairs. The building was damaged about three years ago during a storm. The top floor was leveled during a wind storm, but the owner has been actively pursuing its restoration over the past several months.
The total cost of the project is estimated to be about $1.3-million. Phil Roggio, Alton's Director of Development and Housing, says the agreement approved Monday night will allow the owner to lease a strip of property along Easton Street in order to reconstruct a portion of the building that includes a porch and balcony.
In May, the city approved an agreement to get the ball rolling on the project. The city is looking at spending about $332,000 in TIF Funds, which represents the normal 25% match. This and other issues will be addressed at the full council meeting tomorrow night at 7:30.