Why It Makes Sense
City of Belleville Support
Through the Belleville Enterprise Zone, the City has the ability to certify that the project is eligible for the exemption of sales tax on building materials. The eligible materials are items that are permanently part of the building, such as HVAC, mechanical systems, flooring, paint, roofing, asphalt for the parking lot, lumber, etc. The exemption is not available for furniture and fixtures.
Download the City of Belleville Request for Proposal here.
The property is also located in Tax Increment Finance (TIF) #17/East Main Street. With TIF, the City has the ability to rebate a percentage of incremental property taxes on the project related to improvements. The RFP that will be issued will stipulate that the developer will need to demonstrate the need for incentives and that “but for” the incentives, the project could not move forward.
Download The City of Belleville Business Assistance Program Packet.
National Register Eligibility
According to the Illinois Historic Preservation Agency The Meredith Home/Hotel Belleville property is deemed locally significant for its role in the commercial history of Belleville. The building has recently undergone a condition assessment funded by the Illinois Historic Preservation Agency through a certified local government grant.
This means that the development of the property will likely qualify for a 20% Tax Credit if it does qualify for Landmark status. Download the building’s complete Condition Assessment prepared by and partially donated by White & Borgognoni Architects and made possible by a grant from Illinois Historic Preservation Agency.