JOLIET – The city would provide free land, tax incentives, up to $200,000 in cash, and possibly other incentives for a business incubator campus downtown, according to a development agreement to be considered by a Joliet City Council committee on Thursday.
Colorado-based Innovation Pavilion has presented a plan to build an incubator campus with housing with the idea of attracting Millennial entrepreneurs downtown.
The company has designated two potential locations: a 2.7-acre site along the Des Plaines River north of Cass Street; and a 4.6-acre site near the new transportation complex on the former Lyons Lumber property now owned by the city.
The development agreement to be considered by the Economic Development Committee at 4 p.m. Thursday and which could go to the full city council for a final vote July 18 includes:
• City-owned land at no cost;
• Reimbursement up to $200,000 to cover half of certain eligible development expenses, including travel and professional services, that would become available at the time Innovation Pavilion applies for building permits;
• A rebate on increased property tax dollars, which would occur as land is improved, through the downtown Tax Increment Financing District;
• City cooperation in seeking downtown incentive money available from a Special Service Area property tax on business downtown and in surrounding corridors.