Monmouth City Council has considered a proposal for a redevelopment and recapture agreement with Tina Huston for renovations at the property in the 100 block of West 1st Avenue, explains City Administrator Lew Steinbrecher:
“This is going to be a major rehabilitation. It’s a million-dollar project that includes replacing the roof, brick tuck-pointing, new windows, reconfiguration of all the utility meters, and very significant interior renovations, along with the fire sprinkler system and replacement of the HVAC systems in the building. The redevelopment agreement calls for the owner to invest $300,000 and then the city was a recipient of a $350,000 grant from a local foundation, and also add $350,000 from our own Tax Increment Financing fund to provide $700,000 loan to go with the $300,000 that the owner’s equity
will be investing in the building. The redevelopment agreement also required Tina Huston to enter into a recapture agreement, which this is a forgivable loan, $700,000 forgivable loan if she retains ownership of the building for seven years.”
Steinbrecher informs the second floor of the building will be primarily residential tenants, with the first floor remaining commercial.
