Woodstock’s downtown TIF No. 2 doesn’t even exist, but it has piqued the interest of at least two local developers.
On Tuesday, the City Council approved a tentative agreement to give tax increment financing funds to a developer who wants to build housing on the vacant site formerly housing Die Cast near the Woodstock Station subdivision.
Woodstock officials have been in the process of creating a new TIF district that would encompass about
500 acres of property in the downtown and Route 47 area. Not all have favored the proposal, especially Woodstock School District 200 officials who are concerned developments will bring in more students but keep tax money from the schools.
Public hearings still must be scheduled to discuss the matter.
The Woodstock Station site is on McHenry Avenue north of the Square and railroad. It includes about 10 acres and formerly housed a typewriter factory before becoming a Die Cast auto parts facility.
More than a decade ago, a developer wanted to put up to 400 apartments and townhomes on the site, but development came to a halt after the housing market crash, according to city documents.
The preliminary resolutions allow the developer to begin to track costs as work moves forward.
The Woodstock Station site is owned by a bank, and the developer is in the process of buying the parcel. It also must completing design plans ahead of a formal redevelopment agreement with the city.
This is the second agreement of its kind the City Council has approved.
In June, City Council members gave Pancor Construction and Development LLC the OK to begin tracking its expenses for potential future reimbursement on another housing development.
Pancor wants to turn the former Richard’s Building Supply Co. property at 200 E. Judd St. into apartments and is seeking TIF funding to help.
Both sites in question have been flagged as ideal for residential development in drafts of Woodstock’s downtown development planning document.
The developers still would need to get formal approval for their proposals and any TIF funding ultimately requested.
Economic development director Garrett Anderson said he would expect to see plans come before Woodstock’s planning board in the fall.
“They will want to start building in the spring,” he said. “This just starts to make some of their studies and design work ... reimbursable later, if and when the TIF is approved, and if and when we enter into a redevelopment agreement with this developer.”