Macomb, IL – The main obstacle is ownership. The interested developers do not own the building. That's because they are waiting to see how much the city contributes to the overall renovation costs.
City Administrator Dean Torreson says, "The city is very interested in seeing that building renovated and turned into nice condominiums. I think it would have a tremendous impact on the downtown." Torreson says the city is not likely to contribute more than twenty-five percent.
The city placed the old Lamoine Hotel in a new, twenty-three year TIF district. The building was previously in the downtown TIF district. The Illinois legislature will consider renewing the latter district early next year. TIF funds are used to improve blighted areas in urban areas.
The building's top floors would house about fifteen condos while the first floor would contain a few businesses. Everyone involved with the project plans to meet on Friday, December 19th to discuss the city's involvement.