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Committee backs redevelopment and incentive agreements for proposed cannabis dispensary and event center at Park 90
Summary
The Administration Finance Committee voted Feb. 3 to forward Resolutions 07R25 and 08R25 to the Feb. 18 board meeting with positive recommendations for redevelopment and economic incentive agreements tied to a proposed 20,000-square-foot cannabis dispensary and event center at Park 90.
The Village of Machesney Park Administration Finance Committee voted Feb. 3 to forward Resolutions 07R25 and 08R25 to the Feb. 18 board meeting with positive recommendations for redevelopment and economic incentive agreements with EMR Wellness, LLC (doing business as Life Cannabis Dispenser) and Trojan Holdings LLC.
A staff member summarized that Life representatives Michael Hodges and Reed Sohstrom plan to construct a 20,000-square-foot cannabis dispensary and event center with an attached bar and gaming at a site described in the meeting as "Park 90." To create the six-acre parcel and provide access, the village would construct a public access road using tax-increment financing; the redevelopment agreement provides for construction of the road and sharing incremental tax revenues to cover eligible project expenses. The staff member said the curb-cut for the access road at Route 173 has been previously approved by the Illinois Department of Transportation (IDOT).
Staff described Resolution 08R25 as an economic incentive agreement to share cannabis sales taxes collected in Machesney Park to supplement significant capital investment by the developer. The staff member said the village does not collect a property tax and that alternative revenue sources such as shared incremental taxes and shared cannabis sales taxes are being used to support the project. Staff recommended approval and attorney Green and staff were available to answer questions; the committee raised no substantive questions and voted to forward both resolutions with positive recommendations.
The committee record does not include detailed vote counts; committee members responded with "aye" and the items will be considered by the full board on Feb. 18. The agreements as presented tie public road construction funded by TIF and a revenue-sharing structure to private construction of a destination-scale dispensary and event center. The committee discussion, as recorded, was procedural and supportive; no public comments or objections were recorded in the transcript.
