Edwardsville Passes 400 North Main Street Redevelopment
Date Posted: August 18, 2022
Posted In: News, Projects,
From The Edwardsville Intelligencer: Hazardous material crews should arrive at 400 N. Main St. by early next to begin site remediation in the wake of Edwardsville City Council’s unanimous approval Tuesday of a redevelopment agreement for the long-abandoned site.
Formerly the city’s police and fire complex, it has been vacant since sometime in 2017, when the new public safety complex opened at 333 S. Main St. The city sold the old site for $1 million.
Though he ultimately voted for it, Alderman Chris Farrar initially questioned the percentage of the TIF going to the developer, 400 North Main, LLC.
City Administrator Kevin Head replied to Farrar that the developer could not just make demands. Instead, the developer had to show a need and it did in this case. He said the developer is getting a substantial loan for this as well as a lot of his own equity upfront on the costs. Head led the discussion ahead of the vote on the $20.3 million project.
“Tonight, we’re going to talk about the TIF redevelopment agreement between the city and 400 North Main, LLC,” he said. He said the developer, which is comprised of Pfund Construction CEO Matt Pfund and Ed and Kristie Bailey, of Fireside Financial, came to the city and requested the city provide assistance via redevelopment cost reimbursements using TIF funds to address six areas.
First is abatement and demolition. Besides remediation for any hazardous materials, there are three structures to raze: a single-family home at the northwest corner of North Main and Abner Place, a toolshed or outbuilding at the rear of the property, and part of the former police complex, specifically the area where the prisoners were transferred, or sally port. They are requesting $290,000 for this portion. Second, for stormwater management and utilities, they requested $210,000. Both of these will be paid over a period of two fiscal years.
Next, is 85 percent of the annual increase increment of tax revenue, calculated on the needs assessment. Head said this is the majority of the agreement.