(ABOVE) Future home of latest Heartland Properties project at 433 and 435 North Gilbert.
Danville Community Development Administrator Logan Cronk says interest in new business structures coming to 433 and 435 North Gilbert courtesy of Heartland Properties could be extra attractive because of an opening happening this month. The Danville City Council Public Works Committee has approved a Midtown Tax Increment Financing (TIF) District grant for Heartland’s plans to replace the current structures at 433 and 435 with something similar to what they built at 425 North Gilbert. Cronk says the Carle at the Riverfront opening down the road should be a big factor.
AUDIO: I think the traffic flow is going to increase greatly, and retail and service providers are going to be heavily marketed. It’s probably going to be a pretty good location to locate your business at.
Heartland Properties president Rick Elkin says, things should move pretty quickly.
AUDIO: By summer we’d like to have the outside envelope completed, and then it’s ready for tenants to look at. And as I said, we have someone that’s interested in the east end of that building.
Meanwhile, at 38 North Vermilion, a different TIF district grant has been approved. As Cronk explained, the Downtown TIF hasn’t been in existence as long as the Midtown TIF, so not much increased property tax revenue has built up yet. But My Town Pizzeria want to come to the old Downtown Event Center, so they’ve gotten creative to make it happen.
Future home of My Town Pizzeria at 38 North Vermilion.
AUDIO: This current fiscal year that ends April 30th is out of money. Come May 1, we’ll have a brand new budget. In order to sustain the budget for the rest of the fiscal year, we’ve broken this grant up into two separate reimbursements. Fiscal Year One, the developer is going to receive $15,000 after completion of the project. Then, come May 1 in the next year, he’ll receive another $15,000. A grand total of $30,000 for reimbursement for his project.
Cronk says once the grant is approved by the full City Council, My Town Pizzeria will be able to begin actual rehabilitation work inside the old Downtown Event Center.
