JOLIET – The city is offering more than $300,000 in potential incentives to a prospective developer of the city-owned building that last was used for the Crabigale’s comedy club.
The incentive package essentially would hand over the downtown building, priced at $300,000, to the developer once that much money has been put into building improvements.
The developer also would get a three-month rebate on the city’s 1 percent food and beverage tax for every additional $25,000 spent on the building. The three-month rebate could be used for as long as five years depending on how much money is invested in the building.
The city is trying to put the empty building at Chicago and Cass streets back into use and back onto the tax rolls.
Economic Development Director Steve Jones said the developer’s plans also fit into the city’s Downtown Plan, aimed at bringing more residents and entertainment options downtown.
“Clearly, the goal of our downtown plan is to create residential with commercial on the first floor of buildings,” Jones said.
Jones said the same incentive package was offered when The Lockdown, a restaurant in Chicago, was considering moving into the building.
The potential developer’s plan, according to city officials, is to put a restaurant on the first floor of the building and apartments on the second and third floors. A part of the second floor also may be used for a banquet facility.
The developer has not been identified while the city has been negotiating the redevelopment agreement. Terms of that agreement were presented this week to City Council committees.
The developer would need a special-use permit for the project because it mixes residential with commercial uses.