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Kewanee council approves TIF deal for downtown renovation, declares TIF intent for industrial park
Summary
Council approved a TIF redevelopment agreement with Conè Properties for renovations at 118 W. 2nd St., tabled a separate Players Edge TIF request at the applicant’s request, and adopted a resolution declaring intent to use TIF for infrastructure in the Industrial Park.
The Kewanee City Council on May 13 approved a Tax Increment Financing (TIF) redevelopment agreement with Conè Properties LLC to support interior renovations, plumbing and roof repairs at 118 W. 2nd St., moved to table a separate TIF request from The Players Edge at the applicant’s request, and passed a resolution declaring the city’s intent to use TIF to finance infrastructure in its Industrial Park on Kentville Road.
Councilmember Komnick moved to approve the Conè Properties agreement; Councilmember Colomer seconded and the motion passed unanimously. The Players Edge applicant asked the council to defer consideration; councilmembers agreed to table that item until the next meeting. Councilmember Baker moved the resolution declaring the city’s intent to use TIF for industrial park improvements; after Councilmember Colomer asked about project specifics, City Manager Gary Bradley said the resolution is an early procedural step recommended by the city’s TIF attorney to allow prospective developers to incur reimbursable costs as projects advance. The resolution passed 5-0.
The Conè Properties TIF will support building repairs at 118 W. 2nd St.; the Players Edge project will be considered at a future meeting. The Industrial Park resolution does not commit specific funding amounts or projects but allows the city to pursue infrastructure improvements tied to prospective business development.
Next steps: Conè Properties can proceed under the terms of the redevelopment agreement; The Players Edge will return when the applicant is ready. City staff may return with project specifics and cost estimates for Industrial Park infrastructure in future meetings.
