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ALTON - The Alton City Council on Wednesday gave their final approval to a Tax Increment Financing (TIF) project to renovate a vacant property. The project will see exterior improvements made to a former Credit Union building as a Godfrey business prepares to move in.
The building at 3401 E. Broadway will undergo a complete roof replacement at a total cost of $84,281.55. The city has agreed to provide $21,070 in TIF funding under the terms of a redevelopment agreement with LDMG Ventures LLC.
The property was originally home to 1st MidAmerica Credit Union. At one point, the Alton Dispensary was considering reopening in the building before City Council members voted down an amendment to make that reopening possible.
Planning & Development Director Greg Caffey said earlier this week that a Godfrey-based “print media corporation” specializing in “commercial signage” would be moving into the renovated space, but few additional details have since emerged about the business.
Without further discussion, City Council members voted unanimously to pass the redevelopment agreement with LDMG Ventures LLC, officially setting the project in motion.
For more details about the project and agreement, see this related story on Riverbender.com. A full recording of the Oct. 23, 2024 Alton City Council meeting is available at the top of this story or on Riverbender.com/video.
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