The Salem City Council Monday night approved four tax increment financing agreements.
One of the proposals from Abby and Alex Williams will result in a downtown building at 100 North Washington to be remodeled and revitalized with a coffee and sandwich shop planned for the vacant retail space downtown. The agreement will allow the Williams to receive $100,000 in reimbursement for TIF eligible expenses, including to assist with the cost of purchasing the building. The council also approved a special use permit to allow for continued occupancy of two upstairs apartments.
Two TIF agreements were approved for Aaron Robb for existing buildings. They include the new factory facility at 2028 West Main Street which NAL is leasing. The agreement will allow Robb to be reimbursed for $843,000 worth of TIF eligible expenses over a ten year period. The council was told NAL was paying the property taxes on the plant, which Robb would reimburse under the arrangement. Councilman Gerald Molenhour voted no.
A second TIF agreement with Robb will provide $137,000 worth of TIF eligible expenses incurred in the construction of a warehouse building at 331 South Hotze used by Robb’s trucking company. Payments will be spread out over the next eight years.
The council also approved a conversion of an Inducement Resolution to a TIF agreement with Shawn Garrett for improvements he plans to make to a large shed to house his Edward Jones office. The building is part of the former Rollinson Home Center complex and will have an address of 2010 West Mitchell. Garrett will receive 100 percent of the property tax increment generated by the improvements for eight years.
The council also approved the Salem Community Theatre applying for a $50,000 mortgage loan with Community Partners Savings Bank to help pay for renovations now underway. The theatre will use the loan for cash flow to avoid totally running down their cash reserves.
