Saturday, February 2, 2013

American Tap Incentives

The Southern reports that the city is offering incentives to any one who will purchase and develop the old American Tap location at 518 Illinois.  Incentives include, aside from those provided by the TIF district, a limited amount of free permit parking and waiver of tap fees for utilities.  The city has also indicated flexibility on price.  Originally, the city paid $150,000 for the property, appraised at the time for $39,000.  The rationale given at the time for paying over triple the value of the property was to avoid a lengthly condemnation process and quickly remove the deteriorating American Tap building from the downtown streetscape, since apparently the fact it was in violation of a number of safety ordinances was not enough to get the owner at the time cited.

Originally, the city wanted enough for the property to recoup the demolition and purchase price and thought it had several interested parties at least back in 2009.  Nothing came of them though and I think the price is now in the neighborhood of $30,000.  From what I understand, El Greco contacted the city a few years ago about purchasing the property for an outdoor patio but the city held out (and still wants) an actual building there. 

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