Council approves amended downtown redevelopment plan for 104 East Franklin; owner to invest ~$349,000 with tax abatement

City staff member Mr. Smith presented an amended development plan and a Chapter 353 (downtown redevelopment) amendment for 104 East Franklin — the Jesse James Bank Museum building. He said owner Old Farm Holdings LLC (the Mathis family) is planning about $349,000 in investment and that the total abatement to the developer would be “just over 97,000.”

Smith told the council the project will yield public benefits including exterior improvements and increased taxable value over time; for the first 10 years the owner’s annual taxes would drop from the current amount to a lower abated payment, with a phased increase thereafter until the full tax roll resumes. He noted staff had recommended allowing certain emergency stabilization and flood repair work that already took place on the building to count toward the project because legal advised that was within the city's discretion.

Councilman Mathis and the property owner described plans for upstairs apartments (three units), office space on the main floor and an outdoor space that would improve the square’s vibrancy. Mathis and other councilmembers stressed the value of abatements in enabling historically sensitive, often-unpredictable restoration work: as one councilmember said, the abatements “allow us to do it right the first time,” helping investors absorb unforeseeable costs.

After a short public hearing and questions about counting work already performed, council waived rules to consider the ordinance on first reading and approved the ordinance; the mayor declared it passed unanimously.

Next steps: staff will process the certificate of appropriateness and track abatement phases and tax-roll status as the project progresses.