Woodstock City Council Approves $1.5 Million For Five TIF Projects

Woodstock’s newly seated City Council voted May 7 to move forward with five TIF development projects slated together to receive as much as $1.5 million in tax relief to support their completion:

131 Washington Street BP Station Bull Valley developer Peter Messman’s Boxwood Properties LLC received approval to track reimbursable redevelopment costs for converting the 0.3 acre filling station site into a retail and residential project “restoring the aesthetic of a 1930’s gas station.”

329 Lake Avenue Historic Home Woodstock developer James Dioguardi proposes converting the historic 2 story home into three one bedroom apartments. Cost of the project is projected at $320,000.00, generating $60,000.00 to $90,000.00 in property taxes over the next ten years, with the city refunding up to half the tax increment, up to $60,000.00 or 20% of the ultimate project cost, whichever is less.

Madison and Church Mixed Use Crystal Lake Developer Joe Billitteri’s Billiterri Enterprises proposes a $3.7 million, four story, 23,220 square foot U shaped mixed use structure with first floor retail and office space, 12 one bedroom and 6 two bedroom apartments, and the city council approved up to $860,000.00 in TIF incentives to support the project. Billiterri expects to charge rents of $1,100/month for the one bedroom units, and $1,400/month for two bedroom apartments.

“It’s an experiment,” Billiterri says. The rents we are going to be asking are unheard of here.” Councilman Mike Turner says the project is intended to bring in residents who hopefully would spend their higher incomes in Woodstock. Billiterri also expects to receive enterprise zone incentives, plus waiver of over $110,000.00 in impact fees and building permit fees from the City.

Windy City Motorcycle 191 Lake Avenue Oak Brook entrepreneur Stephen Ryd’s Lone Star – Cardinal Motorcycle Ventures proposes to spend $3.2 million to purchase Woodstock’s largest vacant building, just northwest of WalMart, and convert it into a motorcycle technician trade school, motorcycle auction house, overstock sales and online fulfillment center. Ryd expects to create 50 full time jobs and bring in 100 technician students and 250 motorcycle riding academy students every year. The TIF incentives under the agreement could go up to $700,000.00.

220 South Seminary Antique Car Garage Lake Zurich businessman R. Scott Bartmess proposes to spend $335,128.00 to convert a concrete block garage building at the corner of Lake Avenue and Seminary into a building to house his antique auto collection. City Council voted to refund up to $50,000.00 in TIF incentives out of the expected $75,000.00 in increased property taxes once the project is finished.