North 6th avenue tif
Client: City of Monmouth, IL Category: Economic Development
The City of Monmouth retained PGAV Planners to set up a project-driven TIF district to redevelop a former K-Mart store property. For years, the City has experienced considerable grocery store sales leakage. Residents were leaving the City to shop elsewhere, costing the city revenue.
Fareway Meat & Grocery, a family-owned grocery store chain based in Boone, Iowa, recognized this opportunity and found that the underutilized and obsolete former K-Mart site to be a perfect location for one of its stores. The TIF district was set up to help underwrite a portion of the costs of property acquisition, building demolition and site preparation.
The new store opened in July 2019. Food sales in Monmouth increased by 25% from the first quarter of 2019 to the first quarter of 2020, representing a boost to the City’s revenue stream and a well-utilized new amenity for City residents.
