Local News

Joliet eyes TIF incentives for downtown apartment building

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Joliet City Hall[]

JOLIET – The city is looking at property tax incentives to support renovations at a downtown apartment building.

The Joliet City Council Economic Development Committee on Thursday will review a proposal to provide Tax Increment Financing assistance worth up to $2.1 million to Mike Petry, a downtown residential developer who plans to update the Louis Joliet Apartments.

Petry acquired the building at 22 E. Clinton St., which originally was the Louis Joliet Hotel and was converted to apartments by another developer in the early 2000s.

Petry also is converting the Barber Building on Chicago Street to apartments with assistance from $400,000 in city grants and TIF incentives awarded in September.

TIF incentives allow developers to recoup some of their development costs by rebating the portion of their property taxes that are increased when property is improved.

A staff memo on the Louis Joliet Apartments project states that the TIF rebate would allow Petry to recoup up to $2.1 million in renovation costs for the apartments, the lobby and commercial space at the building.

The economic development committee will meet at 3 p.m. in City Hall.