Henry Street TIF Project Advances In Alton
ALTON - Improvements to a building on Henry Street are one step closer to getting a funding boost from the City of Alton following unanimous approval from the Committee of the Whole on Monday . According to a redevelopment agreement between the City of Alton and Honke Properties LLC, the city has agreed to reimburse the developer for up to $18,636 of the project cost upon its completion. These funds would be generated through Tax Increment Financing (TIF) and would cover about 25% of the project’s estimated total of $74,545. As previously reported on Riverbender.com , the improvements consist of “interior accessibility improvements, including elevator modernization and hydraulic jack replacement.” These upgrades will be made to a brick building on the corner of Henry and East 3rd Street, which is currently home to multiple businesses, including Honke Properties. A resolution authorizing city officials to execute the redevelopment agreement was unanimously
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