A redevelopment agreement through the Downtown and West Broadway TIF District with Jose Jimenez has been approved by the Monmouth City Council, states City Administrator Lew Steinbrecher:
“He owns a number of residential rental properties on West Broadway, but three of the units are being upgraded and renovated, rehabilitated. The total cost of those renovations for those three properties is $48,500. This is a Traditional TIF Rehabilitation Agreement, which means that it is performance based. The TIF reimbursements or rebates are only given if the developer performs as the stipulation. There is an increase in the Equalized Assessed Value of the property and it will be the increase in the value and the additional property taxes that are generated as a result of the project that will be used as the source of funds for the rebates or reimbursements.”
Additionally, the Monmouth City Council passed an ordinance updating the restricted parking near the Monmouth-Roseville High School on the 100 and 200 blocks of South C Street and West 1st Avenue. Parking will now be prohibited Mondays through Fridays from 7:30 am to 4 pm when school is in session, improving safety and traffic flow for students and families.
