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LaSalle council approves TIF redevelopment deal transferring 500 Second Street to Glenstone Redevelopment LLC
Summary
City council approved a tax increment financing (TIF) redevelopment agreement and property transfer for 500 Second Street to Glenstone Redevelopment LLC (Nathan L. Watson), with the ordinance passing 7–2 after discussion of environmental due diligence and limited city TIF support.
The LaSalle City Council voted 7–2 to approve a tax increment finance (TIF) redevelopment agreement that authorizes the transfer of city-owned property at 500 Second Street to Glenstone Redevelopment LLC and its principal, Nathan L. Watson.
The ordinance approved by the council allows the city to execute a redevelopment agreement with Glenstone Redevelopment LLC. Council discussion emphasized that the TIF benefit in the agreement is limited to acquisition of the property and that no other TIF benefits are promised in the ordinance as written. "The only part of the understanding in this agreement is that the developer wouldn't be seeking those types of TIF benefits in regard to this particular…
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