Wood River City Council Meeting
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WOOD RIVER – Three redevelopment projects worth a total of up to $305,000 are moving forward in downtown Wood River with City Council approval.
Council members on Monday unanimously approved three agreements authorizing Tax Increment Financing (TIF) assistance for various redevelopment projects in downtown Wood River, each on Ferguson Avenue.
59 & 61 E. Ferguson
Under one agreement concerning 59 and 61 E. Ferguson Ave., the city has agreed to reimburse the developer, Crown Auto Properties II LLC, up to $240,000 or 43.24% of the redevelopment costs incurred, whichever amount is less. This will be paid in annual installments of $40,000 per year for six years.
The full scope of the project involves renovating two adjoining commercial properties, including improvements to the building facade and interior, according to the application for TIF funds submitted by property owner Bob Federicho. Once an estimated $555,123 worth of improvements are made to the property, its fair market value is expected to substantially increase from its current value of $110,650 to an expected $900,000.
The Wood River Business Alliance will continue to occupy a portion of the building at 61 E. Ferguson, where it is currently a tenant. Federicho stated in his application that the adjoining address at 59 E. Ferguson will be renovated and offered for lease in the future, “with the goal of attracting a new business that complements the downtown district.”
200 W. Ferguson
Another TIF agreement was approved regarding 200 W. Ferguson Ave, the current site of event space Rustic Roots.
The developer, BT Pickett Holdings LLC, will receive reimbursement from the city of up to $50,000 or 37.32% of the overall redevelopment costs, whichever is less. This amount will be paid in two annual installments of $25,000.
Property owners Brad and Tara Pickett wrote in their TIF application that the main purpose of the project is to make the building compliant with current code requirements and address safety issues reportedly identified by the Fire Department.
The full project scope includes adding a beverage service station with a hand-washing area, upgrading the electrical system and outdoor lighting, building a restroom compliant with the Americans with Disabilities Act (ADA), installing emergency egress doors, and adding a video surveillance system capable of sharing data with the Wood River Police Department.
These improvements, with a total estimated cost of $134,000, are expected to raise the building’s fair market value from $199,850 to $333,850.
48 E. Ferguson
The third and final TIF agreement approved at Monday’s meeting was for 48 E. Ferguson, home to Cleary’s Shoes & Boots.
The City of Wood River has agreed to reimburse Cleary’s for the lesser amount between up to $15,000 or 37.5% of the redevelopment costs incurred. This amount will be paid in a “one-time lump sum payment” under the terms of the agreement.
Andrew Hagopian, the owner of the property, stated in his application for TIF funding that the project involves installing new flooring for the showroom floor and new fixtures. He initially sought $40,000 in TIF assistance from the city.
“Our store has proudly been a fixture in downtown Wood River for decades,” Hagopian stated in his application. “If we can put our best foot forward and present ourselves as a leader and expert in our field, we will continue to attract customers from all over the Metro East and St. Louis to downtown Wood River.”
A full recording of the Oct. 20, 2025 Wood River City Council meeting is available at the top of this story or on Riverbender.com/video.
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