City Approves $700K Redevelopment Deal with PCIG

The Paxton City Council approved a redevelopment agreement with Paxton Commercial Investment Group for improvements to three Cherry Street properties, with city participation capped at $700,000. The $5.1 million project must be completed by November 30, 2026 and will be partially reimbursed through tax increment financing.

Scope & details

The full contract record, as filed.

Contract amount

City participation capped at $700,000; initial payment of $150,000 with remaining $550,000 from tax increment

Contract type

OTHER

Contract term

Completion deadline of November 30, 2026

Renewal date

2026-11-30

Renewal

Agreement includes a fixed completion deadline of November 30, 2026 and a personal guarantee; no renewals indicated, but reimbursement continues as tax increment is generated up to the $700,000 cap.

Document type

Minutes

Source document

Paxton City Council Minutes 2026-07-14

Related contracts

Other contracts from Paxton Commercial Investment Group.

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City Council Agenda 2026-07-14

PENDING

City of Paxton, IllinoisJul 12, 2026

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by City of Paxton?

Paxton Commercial Investment Group was awarded this government contract by City of Paxton, as recorded on July 14, 2026. The contract value is City participation capped at $700,000; initial payment of $150,000 with remaining $550,000 from tax increment.

How much is the Paxton Commercial Investment Group contract with City of Paxton worth?

The Paxton Commercial Investment Group contract with City of Paxton is valued at City participation capped at $700,000; initial payment of $150,000 with remaining $550,000 from tax increment.

What type of contract is this?

This is a government contract, documented as a minutes record.

Where was this contract approved?

This contract appears in Paxton City Council Minutes 2026-07-14 (Minutes), dated July 14, 2026 from City of Paxton. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Paxton Commercial Investment Group hold?

Paxton Commercial Investment Group may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Paxton Commercial Investment Group's profile

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