Owners plan $5.2M investment in Princeville
By NICK VLAHOS
For The Weekly Post
PRINCEVILLE – The new owners of the long-shuttered Alcoa Building Products facility in Princeville plan to spend up to $5.2 million to renovate it.
West Jersey Express, a Stark County-based transportation and logistics company, took over the former Alcoa property last September. The investment the firm is planning was included in an application for potential village tax-increment-financing reimbursement.
The application was discussed Monday during a Village Board TIF committee meeting held before the regular board meeting. Trustees took no action on the application.
Alcoa closed its 300,000-square-foot Princeville facility in 2001. The building at 917 N. Santa Fe Ave. fell into disrepair, and a subsequent local owner used the property for storage. West Jersey Express bought the 15-acre site to house expansion of its parts-distribution operation.
Steve Kline, president and CEO of a Bloomington-based firm that assists municipalities with TIF management, suggested ways Princeville might honor the West Jersey Express request. Options included reimbursement of about $2 million to $2.5 million of the projected $5.2 million, payable over the 20-plus-year life of the TIF district. Payments would not begin until after West Jersey Express completes renovations.
“Once the project begins generating new tax increment, the village would pay back,” Kline said. “So the project is paying for itself, TIF-wise.”
In TIF districts, property taxes that are to go to various bodies are frozen. Subsequent tax increases are diverted into a fund used for infrastructure improvements.
Kline recommended the board meet with West Jersey Express officials soon to discuss possibilities. He said he didn’t know what the timetable might be regarding the proposed renovations. Following the purchase, Matt Plumer of West Jersey Express said renovations might take a couple of years.
Plumer’s firm also has facilities in Toulon and West Jersey. The Princeville property is expected to generate significantly more tax revenue than it did while dormant, according to village officials. They spent more than two years trying to repurpose the property.
“I think it’s great to have them here, and I know they came here hoping to get some (TIF) support,” Village President Jeff Troutman said. “We’re still going to gain money to use toward our expenses, but our expenses on that property are going to be very low.”
During the regular meeting, the board authorized an increase in water rates and fees, first proposed in February. The basic monthly rate for most village residents will rise $1.31 per 1,000 gallons used, to $7. The monthly base fee will increase $1.59, to $12.
Board members also approved closure of Santa Fe Avenue between North and Spring streets from June 18-22 for the 2025 Heritage Days Celebration.
Tabled was a proposed ordinance revision that would allow Peoria County Animal Protection Services to trap, neuter, vaccinate and return stray cats and others found in the village. Troutman and Trustee Ron Delbridge cited uncertainty regarding the proposed revisions.
