Land Management Partners at 721 North Main Street has entered into a term sheet agreement with the City of Monmouth to rehabilitate their existing building. City Administrator Lew Steinbrecher explains almost $330,000 of the project cost estimated would be eligible to qualify for a performance-based rebate as part of the new Main Street TIF district:
“They have plans for about a $440,000 investment in rehabilitating that property into a modern professional office to house an insurance company. Of that investment, about $330,000 does qualify as TIF eligible expenses. The Term Sheet basically lays out the general parameters that we will use in preparing a development agreement. It is performance-based. As the developer undertakes the project, then completes the project, it will be the future property tax incremental revenues that are generated from that project that will be used to rebate that developer for these TIF eligible expenses.”
