Milton City Council at its April 20 meeting approved a $17,500 TIF development agreement for 401K Properties. Robert Rippberger of 401K Properties requested the TIF development agreement for 645 College St.
According to a report from City Administrator Al Hulick to the council, the building had fallen into disrepair and had been boarded up for several years. Rippberger purchased the building in 2019 with intentions of renovating it and utilizing it for a commercial retail component of his existing business, TLC Restorations.
In January, the council approved the submittal of a WEDC Community Development Investment Grant for the property in the amount of $90,000.
At the April 7 meeting, the council approved a Commercial Façade Improvement Grant in the amount of $10,000.
The TIF development agreement will provide an incentive of an additional $17,500 based on the increase of value from $112,000 to $200,000.
If that is accomplished, Hulick said the $17,500, coming from TIF 10, would be forgiven.
In the event, the value does not reach the minimum of $200,000, he said the city would invoke a “claw back” provision, which would require Rippberger to make a payment to the city for the difference in the actual value tax bill and the projected tax bill.
According to Hulick, Rippberger intends to complete the project this year.