Geneva OKs TIF intent to advance State Street development

The Geneva City Council this week approved a resolution to support the preservation and remodeling of the historic circa 1867 Bennett House through its tax increment financing district, or TIF.

Called an inducement resolution, the action indicates to the buyer under contract for 223 E. State St. that the city will consider financial assistance through its TIF district to allow for the possibility of reimbursements for engineering and surveying.

“You are just voting on the encouragement in inducing the project to move forward,” Economic Development Director Cathleen Tymoszenko said at Monday’s city council meeting. “They’re expressing an interest in reviewing TIF assistance.”

By voting to support the inducement, the city agrees to consider TIF expenditures if the project qualifies, Tymoszenko said.

A tax increment financing district – known as a TIF – is a development tool municipalities use to support development that would otherwise be too expensive to develop with private dollars alone.

“Costs are not set yet,” Tymoszenko said. “We don’t even know if a TIF request will be recommended. ... What we’re doing right now is setting an intention, that we acknowledge that this property is in a TIF district and we are open to receiving a request for TIF funds.”

The Alteza Group, a developer based in Albuquerque, is under contract to purchase it, proposing a preservation and remodel of the existing space for residential and new construction for hybrid live-work units, according to city records.

Compass Enterprise Properties LLC bought the property for $900,000 in 2007, township property records show.

By 2017, most of its workers were remote, and the extra office space was offered for lease. It’s been listed for sale since 2022, city records show.

The 0.67-acre site includes a house converted to a professional building, a two-car attached garage and a 20-car parking lot.

Second Ward Alderperson Bradley Kosirog questioned why the city wasn’t waiting for the would-be developer to come to them first.

“I feel like an official intent is a commitment,” Kosirog said. “So I’m a little hesitant without knowing any details about voting for it until we know what we’re voting on.”

Tymoszenko said the council was being asked to vote on the encouragement to induce the project to move forward.