A new local business is looking to establish a craft cannabis grow facility in Pekin’s Riverway Industrial Park.
Riverway Craft Laboratories, LLC, has requested a $500,000 tax-increment funding incentive from the city of Pekin to assist with the facility’s establishment. In a presentation at Monday’s Pekin City Council meeting, company Operations and Cultivation Director Claire O’Hern estimated that Riverway would invest over $12 million in setting up a 5,000 square-foot greenhouse and an attached processing building. Additionally, the craft grow operation would generate approximately $223,000 in annual property tax revenues for the city.
The company’s plans require state approval in order to move forward.
In expressing his support for awarding the TIF incentive, Mayor Mark Luft noted that the estimated property tax the city would receive each year was substantial. He also said that the city had anticipated that Riverway would be asking for TIF assistance.
Read more at pjstar.com