Monmouth City Council has approved a redevelopment agreement with LMP Agency for eligible funds that qualify through the TIF reimbursements funds for the extensive remodeling that has been completed at the location, shares City Administrator Lew Steinbrecher:
“They invested about $440,000 in the renovation of that and about $330,000 of those costs were eligible for reimbursement under the Taxing Increment Financing District. The redevelopment agreement basically reflects the term sheet that was approved by the City Council back in February of 2021. As a performance-based agreement, it will be the future property tax revenues, the incremental increase in those revenues that will be used by the City to reimburse them, so there are no General Fund tax dollars that will be used for this incentive.”
LMP Agency is located at 721 North Main Street in Monmouth.