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ALTON - Improvements to a building on Henry Street are one step closer to getting a funding boost from the City of Alton following unanimous approval from the Committee of the Whole on Monday.
According to a redevelopment agreement between the City of Alton and Honke Properties LLC, the city has agreed to reimburse the developer for up to $18,636 of the project cost upon its completion. These funds would be generated through Tax Increment Financing (TIF) and would cover about 25% of the project’s estimated total of $74,545.
As previously reported on Riverbender.com, the improvements consist of “interior accessibility improvements, including elevator modernization and hydraulic jack replacement.” These upgrades will be made to a brick building on the corner of Henry and East 3rd Street, which is currently home to multiple businesses, including Honke Properties.
A resolution authorizing city officials to execute the redevelopment agreement was unanimously approved without discussion. The item now goes to the City Council for consideration and potential approval. If approved, the project will be completed within one year, per the terms of the agreement.
Catch Wednesday’s Alton City Council meeting live on Wednesday, Sept. 11, 2024 at 6:30 p.m. to follow the discussion and vote on this and other agenda items on the Riverbender.com Facebook page or on Riverbender.com/video.
A full recording of the Sept. 9, 2024 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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