RANTOUL, Ill. (WAND) - "It's time. It's been sitting there for years and it's just you know, I people wanted to buy it, there was holes in the ceiling."

A demolition for the old First National Bank is set to make way for new and improved downtown Rantoul plans.

"We are starting to do a lot of stuff, so it's pretty exciting," said one Downtown Rantoul Business owner.

Mayor Charles Smith told WAND News about the demolition plans for the old First National Bank of Rantoul, saying they originally wanted to save it. 

"We had hopes of maybe rejuvenating the building, refurbishing and bringing it back to life," Smith said. "We had it assessed, and the damage was just not worth it, we could never recapture the cost it would have in it."

He mentioned it would take over $2 million to try and save the building. Now, the building is set to come down at the cost of $147,000, making way for new plans for Downtown Rantoul.

"We could put another building in there, or the lower part of it being like a bistro, hair salons, offices for professionals like dentists for lawyers or that type of thing," the mayor said. "And then above that, there will be apartment buildings. That way is trying to draw the influence of people downtown to support our downtown area."

The Village of Rantoul has been working closely with downtown business owners, such as Paula Hopkins-Plackett, the owner of House of Flowers.

"I'm on a committee with three other business owners from downtown, and we are starting to do a lot of stuff, so it's pretty exciting," she said.

She's been there for 27 years and said the old First National Bank building has served its time. 

"It's time. It's been sitting there for years." -Hopkins-Plackett said.

The future of Rantoul is still in its early stages. Smith told WAND News some of the plans will completely change the vibe of downtown Rantoul.

"We will put new infrastructure in and put new streets and change some traffic patterns, put some trees down totally redesign the downtown area, making it more vibrant, more welcoming," Smith said. 

Hopkins-Plackett said the new plans are a light at the end of a long tunnel.

"I think it's just going to be a ball rolling thing, I think it's going to be phenomenal ... it's been a lot of negativity, for us downtown business owners, it's been a very hard struggle. But really we're on the upswing," she said.

The Village of Rantoul will be having its first meeting with downtown business owners on July 8 about the upcoming downtown plans.