Wood River City Council Meeting
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WOOD RIVER – Wood River City Council members on Monday unanimously approved an agreement to transform a Wood River Avenue building into a mixed-use development.
Matt Pfund, president of Jack Matthews Development (JMD), has presented a concept plan to renovate the former NAPA Auto Parts building at 87 E. Ferguson Ave into a two-story development for both residential and commercial use.
In a letter to City Manager Steve Palen about the potential redevelopment project, Pfund notes the building currently suffers from a falling roof structure and water infiltration, which he states has caused “major structural damage.”
Under the JMD concept plan, the building’s roof would be removed entirely and a new, two-story structure would be built within the footprint of its four exterior walls. The building’s first floor would house one large commercial storefront facing Ferguson Ave. and five smaller commercial units along N. 1st St.; the second story would feature five townhomes with balconies, including two one-bedroom units and three two-bedroom units.
In his letter, Pfund emphasizes the importance of having residential living options downtown to boost the “vibrancy” of the local business community.
“The City of Wood River is entering an important period of redevelopment and investment that will define both its legacy and next 100 years of vibrancy,” Pfund states in his letter. “Residential living options downtown are the key as they bring 24/7 life to sidewalks and consistent support to [retail, office, and dining options].”
The $1.5 million total estimated cost of the project includes $95,000 to acquire the property, $1.3 million for construction costs, $81,700 for demolition and hazardous materials abatement, $42,000 in utility upgrades and relocations, and $20,000 in design and engineering fees. JMD is requesting 46% of the project total in Tax Increment Financing (TIF) assistance from the city, amounting to $732,861.88, which Pfund claims the project would not be financially viable without.
One section of Pfund’s letter concerns a “Previous Redevelopment Agreement” involving the property. The building’s current owner, Wood River Revival LLC, reportedly entered into a redevelopment agreement with the city last year which Pfund requested city officials to terminate before executing the new TIF agreement for the same property.
This prior agreement was a source of concern for Councilman Bill Dettmers, who quoted part of Pfund’s letter stating that “to date, no work has been completed nor have there been any payments made by the City on this agreement.”
Dettmers moved to amend the agreement to state the city shall make no payments to the new developer until the city has some form of documentation from the current property owner that they will forgo any TIF payments from the city. While Dettmer’s motion ultimately failed, Palen agreed to get something “in writing” from the current property owner, though he believed the move was unnecessary.
With the City Council’s unanimous approval of the TIF agreement, the property is set to be closed on on Sept. 5, 2025. Pfund anticipates the design and permitting process to take two months, immediately followed by a nine-month construction period.
A full recording of the Aug. 18, 2025 Wood River City Council meeting is available at the top of this story or on Riverbender.com/video.
