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Development Authority: 850 Main renovation nears occupancy; staff seeks city accounting for long-running PILOT payments
Summary
Staff said 850 Main's renovations are nearly complete (as-is appraisal about $1.6M; stabilized value ~$2.1M), multiple tenants have expressed interest in the cafe and ballroom space, a dentist tenant at 842 Main is about $20,000 behind in rent, and the authority is moving its finances back into the city's treasury while seeking a reconciliation of longstanding Kroger PILOT distributions.
Forest Park's Development Authority received an extended economic-development briefing on Feb. 25 that covered multiple downtown properties, leasing prospects, tenant arrears and the authority's finances.
850 Main: staff said renovations are largely complete and presented an appraisal showing an as‑is market value of about $1.6 million, a prospective market value around $2.0 million and an estimated stabilized value of roughly $2.1 million. The building's first-floor cafe area has been remodeled as a prep/warming space and will require a grease trap and some minor health‑department fixes; the elevator must be fully operational before full occupancy. The authority reported three parties interested in the cafe space (two local coffee purveyors and a…
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