By Ted Schnell • BocaJump | Feb. 8, 2012
A 7,000-square-foot downtown Elgin building that has stood vacant for five years could come to life again as an incubator for small, start-up businesses under a proposal developed by a real estate company seeking a city subsidy for the project.
THKFL Inc. is asking for assistance under Elgin’s Downtown Business Loan Interest Subsidy Program to create Imago Studios at 216 Prairie St.
“This is an existing downtown business program we have where we subsidize the business on the loan,” said Elgin management analyst Aaron Cosentino. “So this business went out and secured a loan for about $225,000, and (the city would) subsidize interest on it.”
The city’s share of the funding — $37,489 — would be spread out over five years.
Cosentino said THKFL Inc. is a real estate holding company that wants to buy 216 Prairie St., and convert it into to office space for 10 small, start-ups in the visual/digital media and creative services fields called Imago Studios.
THKFL Inc.’s partner in the venture would be Imago Media, which would provide property management and oversight for the THKFL Inc.
The city administration’s memo to the City Council on the matter states the businesses would be independent, although their services would complement each other. Some of the facilities in the building would be shared — such as a large photo and video studio.
The memo likens the project’s concept as similar to that of the Elgin Technology Center in the Tower Building, but with paid management staff versus volunteer management.
City Council approval of the plan would mark another victory for the Downtown Neighborhood Association’s efforts to revitalize Elgin’s Center City. One employer is planning to move into the old Leath Furniture building, on East Chicago Street, which has been undergoing renovation in recent years to accommodate a more tech-savvy work environment.
On North Grove Avenue, Elgin Knit Works plans to open Feb. 11.
In the meantime, work continues on Elgin ArtSpace in the former Elgin Community College downtown campus. The project is creating working living quarters for artists to live, work on their art and even display their finished work.
The staff report to the City Council states that THKFL Inc.’s project meets the Downtown Neighborhood Association’s downtown office recruitment strategy:
- Collaborative environment conducive to fostering start-ups and small businesses to grow and expand
- Creation of thirteen new professional positions and retention of two existing downtown positions with salary ranges of $60,000 to $150,000.
- Arts-oriented businesses a key industry cluster for downtown
- Heavy use of technology to operate businesses — a key industry cluster for downtown
- Community-minded businesses—interested in supporting and participating in the community
