Redevelopment Agreement for Alton Building Faces Committee Consideration
Date Posted: July 23, 2024
Posted In: News,
From RiverBender: The Alton Committee of the Whole is set to consider a redevelopment agreement for a TIF (Tax Increment Financing) project in Downtown Alton at their next meeting on Monday, July 22, 2024.
The agenda item concerns a “redevelopment agreement with Steven Smith, pursuant to the terms of the Alton Tax Increment Finance Grant Program for 11 E. Broadway.”
The building is the former home of Rushmore Boutique, which moved to St. Louis in 2023, according to its website. As shown on RiverBender.com/realestate, it has been listed for sale at $255,000 for just under a year.
The TIF project consists of “exterior building improvements including roof repair,” at a total cost of $12,880. Upon approval, the City of Alton would agree to provide $3,220 to Smith towards the completion of the redevelopment project.
The city reportedly expects the project will “further the growth of the City,” generate additional tax revenues, improve real estate values, and improve the environment of the city.