Midwestern Pet Foods has submitted a TIF application to the Monmouth City Council for reimbursement costs on the demolition of the former Western Stoneware building, explains City Administrator Lew Steinbrecher:
“The cost to remove contaminants, I believe there is asbestos in the building before demolition, the actual demolition, and then grading and site preparation after demolition, total cost is $332,379. The application under the Tax Increment Financing program would enable the company to be reimbursed these costs on a performance based protocol, which would mean that it would be future tax dollars that property tax dollars they would pay as the result of an increase in their equalized assessed valuation. Those funds would be captured by the TIF District and the City would return those to the company. That application was approved by City Council.”
Additionally, through the City of Monmouth’s Downtown TIF Commercial Building Rehabilitation program, the owner of La Pequenita submitted an $8,000 proposal to replace loose bricks on the front of the structure, which is eligible for a 30 percent reimbursement upon completion.
