PEKIN, Ill. – New retailers could come to Pekin after the city council approves tax incentives for redevelopment along Court Street.
The council Monday night approved an agreement with JPG Commercial Real Estate to reimburse 75% of sales tax revenues generated by up to three new businesses. The amount of reimbursement is expected to be up to $2 million.
JPG is expected to build two structures on an acre of land in front of the Menard’s, along with a relocation of a retention pond currently on the property.
City documents show the businesses are expected to be one or two restaurants, and what is described as a “national beverage retail outlet.”
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