THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, MAY 14, 2008
City Considers Paying For Building Upgrades
Members of the city's Economic Development Commission (EDC) and City Council are expected to consider a proposal to give as much as $73,260 to the owners of a downtown office building to pay for major improvements.
The EDC today (Wednesday) is scheduled to discussed plans by Zbigniew and Helena Karas to install 252 exterior windows, replace decorative outside beams, and add a new façade on their four-story office building at 636 S. River Rd.
The building is located at River Road and Pearson Street next to Metropolitan Square. Total anticipated cost for the improvements is $220,000.
The Karas' are asking to participate in the city's Façade Rehabilitation Rebate Program which could result in the allocation of one-third of the total cost. A recommendation from the city staff is to rebate one-fifth of the cost or $44,000.
The purpose of the rebate program is to provide funding for local businesses that want to improve the appearance of their property. This year's city budget for the program is $100,000.
EDC members are scheduled to meet this morning in City Hall to discuss this and other issues. Any recommendations they make will be forwarded to City Council for a final decision.
According to EDC chairman Jim Ulett, money used in the Facade Rehabilitation Program for downtown projects comes from the city's Tax Increment Financing (TIF) District No. 1 fund.
"They can ask for whatever they want," said Ulett. "It all depends on our fund. But I won't deplete the fund for just one participant."