Joliet, IL – The City of Joliet has authorized a tax increment financing development agreement for the renovation of a vacant downtown building at 311 N. Ottawa St.
Paulina Martinez, economic development director, told the Joliet City Council Tuesday that the property known as the JC Murphy Building was constructed in 1965 and until recently, owned and managed by the Joliet Housing Authority. The building was used as affordable housing for senior citizens prior to becoming vacant a year ago. The 139,266 square foot building sits on 1.51 acres, 13 stories high with 139 units is now owned local investor John Bays.
Martinez said the plan is to invest $14 million into the project redeveloping the property as middle-scale apartments for working professionals and empty nesters. The project is eligible for $400,000 in TIF funds, which, according to Martinez, would come from the current or future funds held by the City of Joliet from general TIF funds under the Joliet downtown redevelopment plan.
TIF is a public financing method that uses future property tax increases to Fund public and private projects.
The developer plans to refurbish the building into 92 one-bedroom apartment units, five two-bedroom apartments and 42 studios. The project, Martinez noted, will also bring new jobs to Joliet.
With the council’s unanimous approval for the redevelopment, councilman-at-large Joe Clement said, he likes hearing “more people” and “investments” are coming to downtown Joliet. He particularly credited developer John Bays for spearheading the project.
In other city news, the Joliet City Council agreed with City Manager Beth Beatty’s recommendation to discontinue publication of the city’s newsletter.
Beatty said this will impact around 4,800 senior citizens who do not have access to computers for the latest city news, but the decision could save the city $200,000.
When pressed by Larry Hug, District 1, regarding how these seniors will get their information, Beatty said the city is considering allowing these people to continue receiving the information via mail. One thought of disseminating information to remaining residents, according to Beatty, is to add it with their water bill.
