The Centralia City Council Monday night will be asked to approve a Tax Increment Financing District Redevelopment Agreement with Re:purpose Development LLC for the Winery Block Project in the 100 block of East Broadway downtown.
The proposed improvement project totals $2-million with TIF eligible expenses to be placed at $160,000. It also includes a total financial cap of $375,000 for the remaining life of TIF #3 through 2026 with the opportunity for an extension if the life of the district is approved.
The project consists of Illinois State Historic Preservation Office approved restoration of the historic building at 102 East Broadway including installation of an elevator, residential units on the second floor and a first-floor kitchen/restaurant. The structure at 112 East Broadway will be taken down and rebuilt as a restaurant/brew pub, public space/music venue, and second floor event space as well as the use of mural(s). The project also includes maintaining and further improving the green space at ‘The Yard’ at 112 East Broadway.
Economic Development Director Derek Sherman says the project supports the revitalization of Centralia’s Historic Downtown by creating an estimated 29 new jobs, increase sales tax revenue, increase property tax revenue, increase housing opportunities, potential new business opportunities and have a positive local and regional impact. Sherman says due to the proposed housing opportunities, people will be residing in the downtown district, shopping, eating, and enjoying live entertainment including the spirit of Centralia’s Historic Downtown.
