Wood River Narrowly Passes Downtown Dispensary TIF Agreement
WOOD RIVER – After a lengthy discussion at Monday's meeting, Wood River City Council members voted 3-2 to approve a Tax Increment Financing (TIF) agreement to open a dispensary in downtown Wood River. As first reported on Riverbender.com , Marko Glisic with Los Angeles-based Riverbend Ferguson LLC submitted an application for Tax Increment Financing (TIF) assistance to renovate the property at 40 E. Ferguson Ave. into a recreational cannabis dispensary. Dispensary representatives estimate the business will generate $1.5 to $2 million in revenue once operational. After Councilman Bill Dettmers asked for a more detailed breakdown of how much tax revenue would go to the state and city, it was estimated the city would receive about $60,000 from a local tax rate of 3%. Dispensary representatives believe the business would not only drive economic growth, but would also boost foot traffic in the downtown district. The project is also expected to generate 12-18 permanent jobs and