Committee approves TIF loan for Matise Events and amends Rock Run Crossing development agreement
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At the May 4, 2026 Land Use & Economic Development Committee meeting, members approved minutes from 3/18/26, authorized a 5-year forgivable TIF loan ($79,500) with a lien for Matise Events LLC at 113 N. Ottawa, and approved an amended and restated development agreement with Cullinan Joliet, LLC for the Rock Run Crossing project that reduces a $100 million bond by $16 million and ties incentives to performance; the Rock Run presentation noted Dick’s House of Sport as an anchor and projected 8,000 construction and 5,000 permanent jobs.
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Key decisions
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- Approved minutes of the March 18, 2026 Land Use & Economic Development Committee meeting.
- Approved Resolution to authorize a TIF incentive agreement with Matise Events LLC at 113 N. Ottawa: a $79,500 five-year forgivable loan for a sprinkler system with 20% forgiven each year and a city lien on the property.
- Approved Resolution amending and authorizing execution of an amended and restated development agreement with Cullinan Joliet, LLC for the Rock Run Crossing Development Project Area: reduces the city’s $100 million bond by $16 million, adds performance requirements and penalties tied to attracting retailers, and ties incentives to tax payments and site performance (presentation noted Dick’s House of Sport as an anchor and projected 8,000 construction and 5,000 permanent jobs).
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