Wood River City Council Meeting
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WOOD RIVER – After a lengthy discussion at Monday's meeting, Wood River City Council members voted 3-2 to approve a Tax Increment Financing (TIF) agreement to open a dispensary in downtown Wood River.
As first reported on Riverbender.com, Marko Glisic with Los Angeles-based Riverbend Ferguson LLC submitted an application for Tax Increment Financing (TIF) assistance to renovate the property at 40 E. Ferguson Ave. into a recreational cannabis dispensary.
Dispensary representatives estimate the business will generate $1.5 to $2 million in revenue once operational. After Councilman Bill Dettmers asked for a more detailed breakdown of how much tax revenue would go to the state and city, it was estimated the city would receive about $60,000 from a local tax rate of 3%.
Dispensary representatives believe the business would not only drive economic growth, but would also boost foot traffic in the downtown district. The project is also expected to generate 12-18 permanent jobs and 50 short-term construction jobs.
“By activating a long-dormant site, the project will boost downtown vitality and encourage further local investment,” according to the developer’s TIF application. “The revitalization of this downtown property will have spillover benefits to neighboring businesses, increasing pedestrian activity and strengthening the downtown commercial district.”
Dettmers said his main concern is the proposed downtown location, as city officials have been trying to revitalize the area to be more “family friendly.” Instead, he and Councilman David Ayres suggested the dispensary should be located on the east end of town near a major interstate highway, where they believe it would generate more revenue than it would downtown.
The developer stated in their TIF application that the project would not be financially viable without TIF assistance from the city due to the significant upgrades required for the property to be made compliant with building codes and state regulations for cannabis dispensaries.
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.
With the council’s approval, the city has agreed to reimburse the developer for up to $49,000 or 50% of the building’s $98,000 purchase price, whichever is less. They have also agreed 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 will be paid in one lump sum, while their reimbursement for redevelopment costs will be paid in annual installments over the next five years.
The dispensary will open under the business name “The Cannaisseur Inc.” which is reportedly licensed to open and operate dispensaries within the State of Illinois. However, Councilman Bill Dettmers correctly noted The Cannaisseur Inc. is currently “not in good standing” with the Illinois Secretary of State’s Office.
Dispensary representatives indicated this may be due to a minor clerical error on their paperwork with the state. The company’s Articles of Incorporation from 2023 lists the “incorporator” of The Cannaisseur Inc. as Kiwand Brown of “Los Angeles, IL” with a zip code of 90067, which is not a valid zip code in the State of Illinois. As of their 2024 annual filing, Brown was listed as the company’s President under a Springfield, Ill. address.
City Council members voted 3-2 to pass an ordinance authorizing the TIF agreement between the city and Riverbend Ferguson LLC. Dettmers and Ayres voted against the ordinance, while Mayor Tom Stalcup and Councilmen Jeremy Plank and Scott Tweedy voted in favor.
More details about the downtown dispensary TIF agreement are available in this related story on Riverbender.com. A full recording of the Aug. 4, 2025 Wood River City Council meeting is available at the top of this story or on Riverbender.com/video.
