With developers of the Thompson Block securing their first commercial letter of intent, City Council tonight will consider a tax exemption to help move redevelopment of the property forward.
Thompson Block partner Tyler Weston says a local restaurant entrepreneur has taken the first step toward becoming a tenant, and a coffee shop has also expressed interest.
Weston says the development plan has improved greatly since he came on board a year ago, with parking space now included for commercial and residential tenants, along with patio space for commercial tenants.
Weston says they also have someone interested in one of the 16 loft apartments planned above the first-floor retail space. He says approval of the 12-year Obsolete Property Rehabilitation Act tax exemption is extremely important for the development to move forward. A public hearing on the tax exemption continues at tonight's City Council meeting, with council expected to vote on the issue afterward.