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The IDA unanimously authorized up to $3,000 for a cost-benefit analysis of the proposed $30 million Litheo Flats project at 595 South Exchange Street. The project would create 64 workforce-housing apartments, but it remains contingent on state funding and has not received final IDA approval. The board also preauthorized release of a demolition request for proposals for condemned Building C at the Geneva Economic Development Corporation site.
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The proposed Litheo Flats development would add 47 one-bedroom and 17 two-bedroom apartments, subject to funding and further review of its tax agreement application. The IDA will use the cost-benefit analysis to help evaluate the project and develop a potential payment-in-lieu-of-taxes schedule. Separately, the board authorized staff to prepare and release a demolition bid request for Building C once remaining information is gathered.
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