AMENDMENT

Neighborhoods, Community Services, Public Health and Safety Committee · 2026-04-20 · agenda_item

A redevelopment agreement amendment is under review 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 be converted into four one-bedroom apartments. Downtown Preservation and Revitalization Program loans totaling $1,620,655 are planned, with a portion forgivable and another portion repaid with interest. Construction must start within 6 months of the agreement's effective date and finish within 18 months of commencement. This project is currently under review. The work will involve building renovations, including interior framing, mechanical, electrical, and plumbing systems, as well as finishing trades for both the commercial and residential spaces. Final landscaping and site work may also be part of the project. Contractors, suppliers, and service providers in construction, real estate, and related fields can find opportunities by engaging early, before bids and permits are finalized, to understand the project's scope and potential needs.

DPRP Loans

1620655 $

forgivable loan amount

1296555 $

repaid loan amount

324100 $

leasable commercial space

2700 sq. ft.

one-bedroom apartments

4

construction commencement window

6 months

construction completion window

18 months

repayment period for loan conditions

5 years

DPRP funding as percentage of construction costs

64 %

ROI

0.53

valuation period for ROI

20 year