Geneva Approves TIF Intent to Support Historic Bennett House Redevelopment

City Council votes to consider financial assistance for preservation and remodeling of 1867 property

Apr. 8, 2026 at 6:33pm

Got story updates? Submit your updates here. ›

A photorealistic studio still life featuring a collection of polished, geometric objects in warm brown, beige, and gold tones, conceptually representing the historic architecture, premium materials, and financial considerations of the Bennett House redevelopment project.A refined studio still life captures the premium materials and financial complexities involved in preserving and revitalizing Geneva's historic Bennett House property.Geneva Today

The Geneva City Council unanimously approved a resolution this week to support the preservation and remodeling of the historic circa 1867 Bennett House through the city's tax increment financing (TIF) district. The resolution expresses the city's intent to consider providing TIF-based financial assistance to the prospective buyer, The Alteza Group, for engineering and surveying costs as they explore redeveloping the property for residential and hybrid live-work uses.

Why it matters

The Bennett House has sat vacant for years, and the city sees TIF as a key tool to incentivize the redevelopment of this historic property and prevent further deterioration. By approving the inducement resolution, Geneva is signaling its openness to providing financial assistance, which could help make the project feasible for the developer and advance the city's goals around historic preservation and revitalizing underutilized properties.

The details

The 0.67-acre Bennett House site includes a historic house converted to a professional building, a two-car garage, and a 20-car parking lot. Compass Enterprise Properties LLC purchased the property for $900,000 in 2007, but it has been listed for sale since 2022 as the previous owner's remote work model reduced the need for the extra office space. The Alteza Group, a developer based in Albuquerque, is now under contract to buy the property and has proposed a preservation and remodel of the existing space for residential and new construction of hybrid live-work units.

  • The Geneva City Council approved the TIF inducement resolution on April 6, 2026.
  • The Bennett House property has been listed for sale since 2022.

The players

The Alteza Group

An Albuquerque-based developer that is under contract to purchase the Bennett House property and has proposed a preservation and remodeling project.

Compass Enterprise Properties LLC

The company that purchased the Bennett House property for $900,000 in 2007 and has owned it since then.

Geneva City Council

The governing body of the City of Geneva that unanimously approved the TIF inducement resolution to support the redevelopment of the historic Bennett House.

Cathleen Tymoszenko

The Economic Development Director for the City of Geneva who presented the TIF inducement resolution to the City Council.

Got photos? Submit your photos here. ›

What they’re saying

“You are just voting on the encouragement in inducing the project to move forward. They're expressing an interest in reviewing TIF assistance.”

— Cathleen Tymoszenko, Economic Development Director, City of Geneva

“I feel like an official intent is a commitment. So I'm a little hesitant without knowing any details about voting for it until we know what we're voting on.”

— Bradley Kosirog, Second Ward Alderperson, Geneva City Council

“There's only qualified costs in the TIF district. We're not giving anybody a blank check. We've reviewed so many of these, you guys, I can't believe you can feign that this would be a blank check.”

— Amy Mayer, Fourth Ward Alderperson, Geneva City Council

What’s next

The City of Geneva will now work with The Alteza Group to review the project's costs and determine if TIF assistance is warranted and appropriate. A formal TIF funding request from the developer would need to be approved by the City Council.

The takeaway

Geneva's approval of the TIF inducement resolution demonstrates the city's commitment to historic preservation and economic revitalization, using creative financing tools like TIF to support the redevelopment of underutilized properties that might otherwise be too costly for private investment alone.