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Paxton approves three downtown redevelopment agreements, including $100,000 TIF support
Summary
Council approved redevelopment agreements for properties at 146 N. Market, 202 N. Market and 120 W. Center; the largest is a $100,000 TIF-backed commitment toward an $829,500 apartment project, paid in five annual installments.
The Paxton City Council approved three separate redevelopment agreements aimed at downtown building improvements and housing development. For 146 North Market Street the council agreed to a one-time payment up to $15,000 to help cover roof replacement costs; owner Lance Cagle presented estimates and said prior repairs had not been sufficient.
At 202 North Market Street, owners Pam and Tim Piekarski received city approval for up to $7,000 toward an estimated $14,800 repainting project. The council also approved a larger TIF-supported agreement for 120 West Center Street: developer Justin Goss plans an eight-unit, two-story apartment building with an estimated total cost of $829,500 and $180,000 of TIF-eligible expenses. The council approved a $100,000 agreement for that project, with payments scheduled as one-fifth each year over five years; Alderman Reinhart recorded an abstention on the TIF vote.
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