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Local News

Joliet could give free land, up to $200,000 and more for Innovation Pavilion

Conceptual image shows what an Innovation Pavilion incubator campus might look like.
Conceptual image shows what an Innovation Pavilion incubator campus might look like.

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.

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