Proposed TIF Attracts Projects and Development to Downtown

Since discussions of the Downtown Kewanee TIF began in April 2014, the City Council has passed four inducement resolutions for four separate projects in the area defined by the Downtown Kewanee TIF district:

1. Kewanee Grand Station Plaza – multiuse development that includes restaurants, retail, and other accessory uses. 
2. Cerno’s Bar & Grill – renovation of existing building.
3. Whitcher’s Main St. Inc.  – purchase and renovation of former CVS Pharmacy building for new Sav A Lot Grocery Store
4. S.J. Russell/IH Mississippi Valley Credit Union – purchase and construction of a credit union branch facility.

Together, these projects represent potential capital investments of between $10 to $15 million in new capital investments into the City of Kewanee, and these are initial conservative figures.   Inducement resolutions set the timing for when eligible TIF expenses can be covered and the city still needs to finalize redevelopment agreements with all parties involved.