Story courtesy of Ken Helms, City of Monmouth
TIF Downtown Building Rehabilitation – 207 North Main Street The business owner has applied for a grant under the City’s TIF Downtown Commercial Building Rehabilitation Program for work that is being done on the building formerly known as the Hines & McClintock Car Dealership building. This building is on the East side of the road across from Save-ALot. Approximately $303,600 has been invested into converting the building into a banquet facility for a variety of events, including weddings, receptions and business meetings. The building does have $30,000 in expenses that qualify under the rehabilitation program. The expenses include installation of a fire sprinkler system as well as structural repairs and basic mechanical, plumbing and electrical improvements which are designed to ensure the integrity of the building. The TIF grant program is funded through the use of heavily restricted funds that may only be used when a project meets the requirements. These funds are not permitted by state statute to be used for other programs and are solely designated for special economic development directives within their intended TIF District.
TIF Downtown Building Rehabilitation – 110 East 1st Avenue The business owner has applied for a grant under the City’s TIF Downtown Commercial Building Rehabilitation Program for work that is being done on the business known as J.B.’s Woodshed. The property owner has already invested over $44,410 in building improvements and is anticipating an additional investment of $31,315. The improvements include a new roof, tuck-pointing, foundation repair, and installing a new HVAC unit. 2020 improvements will include additional foundation shoring, tuck-pointing, replacement of lintels above the lower windows, and a new 3 phase electrical service. These expenses do qualify under the grant program and the City Administration has recommended reimbursement of $15,000 to help ensure the continued functionality of the building’s basic mechanical and electrical systems.
The TIF grant program is funded through the use of heavily restricted funds that may only be used when a project meets the requirements. These funds are not permitted by state statute to be used for
other programs and are solely designated for special economic development directives within their intended TIF District.
A motion for approval was made and was approved.
