WOOD RIVER – A developer’s request for financial assistance to open a dispensary in downtown Wood River is on the agenda for the Monday, Aug. 4, 2025, Wood River City Council meeting.
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Marko Glisic with Los Angeles-based Riverbend Ferguson LLC has submitted an application for Tax Increment Financing (TIF) assistance to renovate the property at 40 E. Ferguson Ave. for use as a recreational cannabis dispensary.
“The Cannaisseur Inc.” is listed as the proposed tenant under the developer’s TIF application. The company reportedly already holds a license from the State of Illinois to open and operate recreational cannabis dispensaries within the state.
“The project will transform a vacant, underutilized property into a modern, compliant retail dispensary, addressing physical deterioration, outdated systems, and ADA non-compliance,” according to the TIF application. “By activating a long-dormant site, the project will boost downtown vitality and encourage further local investment.”
The redevelopment project would not only have a significant impact on the building’s interior and exterior appearance, but also the local economy, the developer estimates. This would include the creation of 12-18 permanent jobs, 50 short-term construction jobs, and approximately $1.5-2 million in revenues once operational, generating significant tax revenue for the city.
The developer also sees the dispensary as a driver of downtown foot traffic, stating in their TIF application that “the revitalization of this downtown property will have spillover benefits to neighboring businesses, increasing pedestrian activity and strengthening the downtown commercial district.”
The project would reportedly not be financially viable without TIF assistance from the city, due to extensive state regulations and building code requirements for dispensaries in Illinois. The site’s need for security enhancements, ADA compliance, vault installation, and systems rehabilitation means the cost to redevelop the property into a dispensary greatly exceeds the cost to build a standard retail store.
The developer is requesting $279,272 in TIF assistance, approximately 37% of the total estimated project cost of $754,790. The total includes $98,000 for the initial property purchase, $126,131 for site improvements, $504,818 to remodel the existing building, and more.
If the TIF agreement is approved, the city would agree to reimburse the developer for up to $49,000 or 50% of the building’s $98,000 purchase price, whichever is less. They would also agree to reimburse up to $230,272 or 35.07%, whichever is less, of all redevelopment project costs incurred. The city’s reimbursement for the building purchase price would be paid in one lump sum, while their reimbursement for redevelopment costs would be paid in annual installments over five years.
The scope of the project includes “selective demolition,” vault installation, plumbing, lighting, and electrical upgrades, the installation of ADA-compliant restrooms, “retail sales floor updates,” and security systems compliant with state law. Exterior improvements will also address the building’s “physical deterioration” and “visible blight,” according to the TIF application.
The downtown dispensary redevelopment agreement appears on the agenda for the Wood River City Council meeting tonight, Aug. 4, 2025, at 7 p.m. Follow the discussion and vote on this and other items live on Riverbender.com/video/live, and stay tuned to Riverbender.com for the latest Wood River City Council coverage.
