The Woodstock City Council has approved a redevelopment agreement with Billitteri Enterprises LLC.
The company wants to develop a five-story, 30-unit apartment building on the corner of Madison and Church streets near downtown. The agreement requires the developer to construct the building and commits the city to pay for some site-related expenses.
The development is projected to generate an increased $90,000 to $110,000 in property taxes annually, according to city documents.
The city will waive any remaining building permit and impact fees and also provide tax increment financing district incentives up to $898,000 for the project, according to city documents.
Joseph Billitteri plans to develop the 30,064-square-foot L-shaped building, which will include 20 one-bedroom and 10 two-bedroom apartments, along with common space, an elevator and stairs.
The project budget is an estimated $5.1 million, according to city documents. Woodstock plans to donate a public parking lot next to the proposed apartments, which has caused concern for some and prompted a “no” vote from City Council member Jim Prindiville.
Prindiville said he also would like to see the developers remediate environmental problems on the site, which currently contains two homes, the city parking lot and the Frisbie and Lohmeyer insurance offices, where council member Lisa Lohmeyer is employed.
The developer had planned to buy the insurance agency parcel and relocate the offices to commercial space in the building once the project is complete. Billitteri since has found out that the building formerly was a gas station and the site is contaminated. The developer still will buy the lot but doesn’t plan to build on it, according to city documents.
“I don’t know why we would proceed with the project but not clean up the environmental contamination,” Prindiville said. “Once that is done it opens up all kinds of design opportunities for you.”
Council member Mike Turner called the project design “fantastic.”
“I love that that is a catalyst to the downtown,” he said. “I am thrilled that you are adding a story to it because it demonstrates the demand and financeability [of the development].”