ALTON - The Alton Committee of the Whole is set to consider a redevelopment agreement for a TIF (Tax Increment Financing) project in Downtown Alton at their next meeting on Monday, July 22, 2024.
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The agenda item concerns a “redevelopment agreement with Steven Smith, pursuant to the terms of the Alton Tax Increment Finance Grant Program for 11 E. Broadway.”
The building is the former home of Rushmore Boutique, which moved to St. Louis in 2023, according to its website. As shown on Riverbender.com/realestate, it has been listed for sale at $255,000 for just under a year.
The TIF project consists of “exterior building improvements including roof repair,” at a total cost of $12,880. Upon approval, the City of Alton would agree to provide $3,220 to Smith towards the completion of the redevelopment project.
The city reportedly expects the project will “further the growth of the City,” generate additional tax revenues, improve real estate values, and improve the environment of the city.
According to the agreement, the project must be completed within one year after the agreement is approved and executed. Any project plans and specifications will face approval from the city before the project can commence.
The item now goes to the Committee of the Whole on Monday, July 22, 2024 for consideration and preliminary approval. If approved by the committee, it will go next to the City Council on Wednesday, July 24, 2024 for final consideration and approval.
Follow the discussion and vote at both meetings live on Riverbender.com/video. All Alton City Council meetings can also be watched live or on demand on the Riverbender.com Facebook page, Roku app, or YouTube channel.
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