ALTON - Another redevelopment agreement using Tax Increment Financing (TIF) is on the agenda for the Alton Committee of the Whole’s consideration and possible approval on Monday, Sept. 9, 2024.
Get The Latest News!
Don't miss our top stories and need-to-know news everyday in your inbox.
The item appears on Monday’s agenda as a resolution authorizing the mayor to execute a redevelopment agreement with Honke Properties LLC, in accordance with the city’s TIF program.
The project consists of improvements to a piece of real estate whose legal description is associated with the address 307 Henry St. in Alton. This property is a multi-story brick building on the corner of Henry and East 3rd Street which houses multiple businesses, including Honke Properties.
The full scope of the project includes “interior accessibility improvements, including elevator modernization and hydraulic jack replacement.” While the total cost of the project is estimated at $74,545, the City of Alton has agreed to contribute $18,636 towards its completion, according to the terms of the agreement.
Most of the agreement terms appear standard for a TIF project within the city, including provisions that the city’s contribution only be made once the project is complete, which must be within one year after the agreement is approved.
To follow the discussion and vote on this and other agenda items, watch Monday’s Committee of the Whole meeting live on Monday, Sept. 9, 2024 at 6 p.m. on the Riverbender.com Facebook page or on Riverbender.com/video.
More like this:
