Tonight's Champaign City Council meeting (agenda here) will include a vote on a redevelopment in downtown. From the News-Gazette website last night:
Champaign council to vote on funds to help redevelop downtown building
After sitting vacant for 12 years, a downtown building is on track to begin a new phase of its life.More details at the full article here. More information on attending a City Council meeting locally here.
Main Street Rail LLC is planning to redevelop the building at 40 E. University Ave. into a microbrewery with upper-floor residential space. On Tuesday, the city council will vote on giving the project $100,000 in Redevelopment Incentive Program funding...
The building, which sits behind Jon's Pipe Shop and across the street from Seven Saints in downtown Champaign, is in a tax-increment-financing district, meaning it can use the funds the council is considering approving to make permanent enhancements.
The TIF district that it's in has no funds, according to a city report, so the $100,000 would be reimbursed over 10 years with additional taxes generated from the project.
Main Street Rail is planning to put a total of about $1.2 million into redeveloping the building with new storefronts, windows and flooring and upgraded services. It's aiming to have the work done in August.
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