By Isabella Zarate
Nearly a year ago Busey Bank closed its doors and said goodbye to St. Joseph. Taking advantage of the opportunity, the Philo Exchange Bank is set to open a full service facility at 802 E. Warren Street.
Acquiring the vacant property, the bank, alongside members of the Village board, worked through some zoning concerns. The lot on Warren had been zoned as an R-1 or Single-Unit Residential. This means the area was designated to be used for single-family living units rather than businesses.
According to Village Administrator, Joseph Hackney, the original idea was to rezone the lot so that the bank could build there; however, the board’s attorney advised against it.
“We can’t just change a lot to a commercial or some other type of light industrial,” Hackney explained.
With that in mind, the board went with the next option, which included “Revising the R-1 Residential special use allowances.”
Hackney described how a number of the special use allowances for residential zones tend to be “pretty disruptive” such as churches, schools, government buildings, and funeral homes – all of which have the potential to intensify traffic in the area.
“The way that the zoning board and the board of trustees were looking at it. . .a bank is not all that much more significant of an impact as what a school or a municipality [would be],” Hackney shared.
From there, the board allowed neighbors of the area to come in and voice their concerns regarding the revision of the special use allowances.
“Ultimately we got a little bit of feedback in the beginning but Philo Bank did a good job of explaining how they want to be good neighbors,” said Hackney.
In terms of the zoning, the board amended the R-1 Residential special allowances to include banking institutions, and Philo’s submission for a banking institution on the lot was approved.
Since, Philo has been working to clean up the lot as they prepare for construction.
Hackney foresees the bank being a good addition to the area, both for the people but also for the appeal it will add visually.
“It’s already making a difference,” he claimed. “I’m hoping that the neighbors eventually see it as a positive.”
As for the bank itself, it still has a while to go before it is ready to open.
The outside structure is expected to be complete around fall, leaving the inside work to be finished throughout the winter months.
