Macomb, IL – Macomb aldermen will need to decide what incentives - if any - they're willing to offer for the proposed Lamoine Hotel redevelopment project. The project would create commercial space on the first floor of the old hotel and condominiums on the second through fifth floors. The developer has indicated to the city that there is a gap in the financing plan, though specifics were not provided during Monday night's committee of the whole meeting. The city is reviewing several options. It could provide downtown TIF fund money or provide a forgivable loan through the revolving loan fund. It's also possible the project might be eligible for property tax abatements through the enterprise zone. A subcommittee will be formed to meet with the developer and determine whether anything can be done. You can listen to the city council's entire dicussion of the matter by clicking on the audio button.
Aldermen Mull Development Incentives
