Purchase and Development of City-Owned Property st Street Fulton, IL 61252

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1 Purchase and Development of City-Owned Property st Street Fulton, IL Former Drives Office Building Mississippi River Windmill Cultural Center windmill Den Besten Park Contact Information: Ed Cannon, City Administrator th Avenue Fulton, IL Page 1 of 7

2 Overview The City of Fulton is seeking development proposals for a vacated building owned by the city and located at st Street, Fulton, Illinois. The building is approximately 18,470 square feet and situated on an entire city block (5 lots) between 1st Street and 2nd Street. The building is located across the street from the Windmill Cultural Center, Fulton s Dutch Windmill, and Den Besten Park. The Mississippi River is viewable from the west side of the second floor. The nationally designated historic downtown district is two blocks east of the building. The city intends to sell the property as is. The city s development goals for the site include maximizing the site s development potential to compliment the windmill area, downtown historic district, and need for housing by contributing to the city tax base. Conserving the historical integrity and structure of the building is a priority. The property could provide multi-use purposes from commercial to housing. Site Facts st Street, Fulton, Illinois Lots 1,2,3,4, and 5 in Block 41 in West Fraction in the City of Fulton, in Whiteside County, Illinois. Parcel Lot Size: 28,800 sq. ft. (.66 acres) with 240 ft. frontage on 1st Street and 2nd Street, 125 ft. frontage on 10th Avenue, and 115 ft. frontage on 11th Avenue 2 Story Building containing 18,470 sq. ft. Basement: 1,976 sq. ft. 1st Floor: 8,530 sq. ft. 2nd Floor: 7,964 sq. ft. Building appraised at $178,000 on April 11, 2014 Asbestos assessment performed October 12, 2002: asbestos is contained in insulated pipes related to former boiler system used for hot water heating, and in certain floor tile. A copy of report is available upon request. Building History Built in 1913 as the home office for the Mystic Workers of the World, a fraternal life insurance organization. The Mystic Workers of the World became Fidelity Life Insurance in In 1925 a building addition was constructed and the ground floor was used for a municipal auditorium that included a gymnasium floor, high ceilings, opera chairs, and a large kitchen to service banquet needs. Drives, Inc. purchased the building in Over the years, Drives allowed additional businesses to occupy parts of the building including a dentist office, bank, and food pantry. In 2009, Drives vacated the property and moved their business office to their manufacturing facility in the Fulton Industrial Park. In October 2010, the City of Fulton took ownership of the property. 1930s Page 2 of 7

3 Economic Development Incentives Enterprise Zone Local sales tax deduction on building materials Property tax abatement on improvements in the Whiteside County Enterprise Zone, as long as the property is not located in a Tax Increment Financing District (TIF). Abatements vary from 50% to 94% for five (5) years. Abatement is determined by project location. Demolition - the increased assessment amount to be abated will be based on the most recent assessment of the property which included the valuation of the original building(s). EZ Machinery and Equipment Sales Tax Exemption Utility Tax Exemption/Machinery and Equipment Deduction - businesses which make an investment in an Enterprise Zone which creates a minimum of 200 full-time jobs or retains 1,000 jobs is eligible for sales tax exemption on personal property used or consumed in the manufacturing process. The Enterprise Zone Administrator will provide a tax abatement estimate upon request. All Enterprise Zone projects must be certified by the zone administrator prior to start of construction. Building permits are required; there is an application fee. It is recommended to apply 7 days in advance of wanting to order or purchase materials. For further details and an application, please visit or contact Betty Steinert at or bsteinert@whiteside.org. Revolving Loan Fund The City of Fulton Revolving Loan Fund is used to stimulate economic growth in the City of Fulton by assisting with the retention and growth of an existing industrial and commercial base, providing needed equity to new start-up businesses,and providing an incentive for established businesses to relocate to Fulton. The City of Fulton is a secondary lender The City will lend up to $15,000 per each full-time employee The City will lend up to 30% of the total project costs Interest rates are typically lower than a bank but must be approved by the Revolving Loan Fund Committee. The City s terms on a loan vary between 5 to 20 years depending upon loan amount, project, and approval from the Revolving Loan Fund Committee. Eligible uses of the loan: site development/infrastructure, construction of a new facility, renovation of an existing facility, leasehold improvements, purchase of new or used equipment, and working capital. For further information about Fulton s Revolving Loan Fund, contact Fulton City Administrator Ed Cannon at or edcannon@cityoffulton.us. State Incentives The Illinois Department of Commerce and Economic Opportunity has multiple grants and loan programs for businesses. For a complete listing of those programs, please visit Page 3 of 7

4 Exterior Photos st Street Fulton, IL North Side, Front Entrance along 10th Avenue faces Windmill Cultural Center South Side, Back of Building along 11th Avenue West Side, along 1st Street faces Den Besten Park & Dike Dutch Windmill East Side, along 2nd Street Page 4 of 7

5 Interior Photos - 1st Floor 8,530 sq. ft. Page 5 of 7

6 Interior Photos - 2nd Floor 7,964 sq. ft. View of Dutch Windmill and Mississippi River from 2nd floor, west side. Three sets of windows share this view. Page 6 of 7

7 Interior Photos Vault, 2nd floor Walk In Vault, 1st floor Walk In Vault, 2nd floor Walk In Vault, 2nd floor Historic Downtown District Dumbwaiter View from 2nd Floor, east side Stairway Page 7 of 7