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📸 Credit: Geneva City Council agenda document
Geneva's City Council unanimously approved a resolution indicating a willingness to consider tax increment financing assistance for the redevelopment of the historic Bennett House at 223 E. State Street.
The circa 1867 property has been on the market since 2022.
Here's what to know:
The property: The site includes a historic house converted to office space, a two-car garage, and a 20-car parking lot. It last sold for $900K in 2007 and has struggled to attract buyers partly due to the cost of renovating the aging building.
The buyer: The Alteza Group is under contract to purchase the property. The group is proposing to preserve and remodel the existing building for residential use and add new construction for hybrid live/work units.
What the vote means: The resolution is essentially an acknowledgment that the property sits in a TIF district and that the city is open to receiving a request for TIF funds. It does not commit the city to any specific dollar amount or guarantee approval.
A bit of pushback: Several officials questioned whether the vote was premature, with one calling it "somewhat of a blank check."
The city has not yet determined what costs, if any, would qualify for TIF reimbursement.
Learn more about the resolution on page 157 of this agenda document.
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