The sale of city-owned property and a redevelopment agreement with Riverway Property Management LLC highlighted Monday’s Pekin City Council meeting.
The company is interested in relocating its development site location from Enterprise Drive to 300 Hanna Dr, according to Pekin City Manager Mark Rothert. It proposed to purchase a 57.6-acre lot, with the intention of constructing a cannabis dispensary and craft grower facility. Riverway Craft Laboratories, LLC will lease and operate the facilities.
“Previously this year, we approved a craft grow facility and dispensary and approved those special uses for (Riverway),” said Rothert. ”They decided that the location they were approved for is a little cramped, and they want a bigger space to grow into. The city-owned land at 300 Hanna Dr. was identified as a key location for them to do that.”
Rothert added that the craft grow facility could ultimately employ up to 40 people, and the dispensary will initially create another 8 jobs. He estimated that the project could generate $2.5 to $3 million in Tax Increment Financing (TIF) revenue for the city over the remaining life of the Southern Industrial Park TIF District. The city will sell the property to Riverway for $100, but the company will forgo a request to ask for additional TIF incentives beyond $150,000 in reimbursement for costs related to utility extensions and minimal site work.
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