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Developer seeks $2.75M in incentives for mixed-use project at former Delwood Tire site
Summary
Staff presented a proposal for a three-story, mixed-use development at 711 S. State St. (former Delwood Tire) by Ford Development; the developer estimates a roughly $9.8 million project with 31 apartments and commercial space and seeks $275,000 per year for 10 years in incentives, contingent on planning approvals.
City staff presented CA2 (Resolution 26-018) proposing a real estate purchase agreement for 711 South State Street (the former Delwood Tire property) with 4 Real Estate Holdings LLC (Ford Development). The proposal envisions a three-story mixed-use building—staff said approximately 36,000 square feet, with 31 apartments, commercial retail space, and about 39 parking spaces—at an estimated cost of about $9.8 million.
Staff said the agreement under consideration would allow incentives of $275,000 annually for 10 years (totaling $2.75 million) as part of the financing package contingent on Planning and Zoning approvals, site-plan review, and any special-use permits. Staff emphasized the development is one of the largest potential private investments in downtown in recent years and that multiple downtown approvals remain necessary before any incentives are finalized.
Council members asked questions about parking and shared parking strategies, potential streetscape extensions, and the city's role in helping secure on-street parking by working with IDOT. Staff said plan-review steps include the Planning and Zoning Commission review of the exterior, site-plan components, and a recommendation back to council.
What happens next: Staff said the developer and the agreement will appear on the Feb. 18 agenda for action after Planning and Zoning review and additional application materials are completed.
Quote from staff: "Basically, [the agreement] allows us to provide $275,000 each year for 10 years as part of this almost $10,000,000 project," staff said while summarizing the incentive structure.
