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Developers, council spar over 48.5% TIF request for downtown renovation at 322 E. Adams
Summary
Developers seeking $1.455 million in TIF assistance to rehab the long‑vacant building at 322 East Adams presented project financials and requested a TIF share of roughly 48.5 percent of the estimated $3.0 million rehab cost; councilors debated whether the city should approve that level of assistance.
The Committee of the Whole took up a redevelopment agreement (Ordinance 2025‑036) proposing Central Area Tax Increment Financing (TIF) assistance of $1,455,000 for renovation of the building at 322 East Adams. The applicant, Martin Haxel, described the building as long vacant and said rehabilitation is estimated at roughly $3.0 million; Haxel said roughly $600,000 has already been invested. He told the committee that after factoring in prior investment the TIF request would represent a lower share of the total and that construction costs have risen roughly 40% since the pandemic, increasing the amount developers need to bridge financing.
Alderwoman Notriano, a co‑sponsor, and…
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