The Woodstock City Council voted Tuesday to authorize a potential tax increment finance district agreement and a loan for a whiskey and wine bar.
A handful of property owners want TIF money to make site improvements at the corner of 301 E. Calhoun St. and 330 E. Jackson St., the Old Feed Mill property, according to city documents.
Copy Express, NBaldwin Company and Bruce Farris, DDS share the majority of the block, including a parking lot the businesses use, according to city documents. NBaldwin Company is an accounting firm, and Farris is a dentist.
The property owners’ primary concern is the parking lot, which needs to be rebuilt, according to city documents.
City officials still are trying to determine whether the project would be eligible for TIF assistance, but council members approved an inducement resolution, which allows developers to begin tracking expenses for potential reimbursement in the future, according to city documents.
“The analysis of the needs for the site, potential remediation and design work are examples of eligible expenses for a developer,” Economic Development Director Garrett Anderson wrote in a memo.
“The city is not paying for this work in the short term, but may consider including these and other expenses into a Redevelopment Agreement at a later date.”
Sofie’s Whiskey and Wine, a new business proposed for the former Bohn’s Ace Hardware building, gained approval Tuesday to take advantage of Woodstock’s Revolving Loan Fund.
The business wants to borrow $15,000 from the fund for improvements to its space. The city will collect 2% interest during the five-year loan period.
Council members also agreed to begin the eminent domain process on a property needed to construct a roundabout at Lake, Madison and South streets.
Council member Jim Prindiville co-owns the property, and under state law, the city must use eminent domain to obtain it, according to city documents.
Prindiville recused himself from the vote.