AMENDMENT

Finance Committee · 2026-04-21 · agenda_item

A redevelopment agreement amendment is under review by the Finance Committee for the property at 38-44 W. Monroe Street. This project proposes to renovate and rehabilitate the existing building. The first floor will become approximately 2,700 square feet of leasable commercial retail or restaurant space. The second floor will include four one-bedroom apartments. The amendment aims to correct minimum construction costs, include parcel acquisition costs in total development costs, and update references. Funding for this project includes Downtown Preservation and Revitalization Program loans totaling $1,620,655, with a portion forgivable and another portion to be repaid with interest. This funding comes from the Northbank Tax Increment Fund. Construction must start within six months and finish within eighteen months of commencement. The work would involve building renovations, including interior framing, mechanical, electrical, and plumbing systems, as well as finishes for both commercial and residential spaces. Final landscaping and exterior work may also be part of the project. Contractors, suppliers, and service providers interested in this project should reach out early, as the agreement is still under review and before final bids and permits are established.

DPRP Loans

1620655 $

forgivable portion

1296555 $

repaid portion

324100 $

commercial space

2700 sq. ft.

apartments

4 one-bedroom

construction commencement

6 months

construction completion

18 months

repayment period

5 years

DPRP funding percentage

64 %

ROI

0.53

valuation period

20 year