Urbana Approves Redevelopment Agreement With Race Street Ventures
City of UrbanaCity · Urbana, IL- Disclosed value
- Estimated project cost of $2,135,000; five TIF payments totaling $258,000
- From agenda
- Approved
- Oct 5, 2026
The 30-second brief
Urbana approved a Redevelopment Agreement with Race Street Ventures, LLC for the rehabilitation of 118–120 South Race Street into Fernie’s High Horse. The agreement covers an estimated $2.135 million project and provides up to $258,000 in TIF-funded payments tied to project and venue performance.
Race Street Ventures LLC holds this contract with City of Urbana. Its other public contracts on record include work for Town of Urbana.
Term as filed: Effective upon execution; remains in effect until completion of all payments for eligible redevelopment project costs or termination of the Redevelopment Project Area, whichever occurs first. Original project completion date: March 31, 2026..
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Contract details
- Amount
- Estimated project cost of $2,135,000; five TIF payments totaling $258,000
- Document date
- October 5, 2026
- Term
- Effective upon execution; remains in effect until completion of all payments for eligible redevelopment project costs or termination of the Redevelopment Project Area, whichever occurs first. Original project completion date: March 31, 2026.
- Vendor
- Race Street Ventures LLC
- Agency
- City of Urbana
- Source document
- City of Urbana Agenda 2026-10-05 (Agenda)
Race Street Ventures LLC's other public contracts
More City of Urbana contracts
Questions about this contract
Who was awarded the government contract by City of Urbana?
Race Street Ventures LLC was awarded this government contract by City of Urbana, as recorded on October 5, 2026. The contract value is Estimated project cost of $2,135,000; five TIF payments totaling $258,000.
How much is the Race Street Ventures LLC contract with City of Urbana worth?
The Race Street Ventures LLC contract with City of Urbana is valued at Estimated project cost of $2,135,000; five TIF payments totaling $258,000.
What type of contract is this?
This is a government contract, documented as a agenda record.
Where was this contract approved?
This contract appears in City of Urbana Agenda 2026-10-05 (Agenda), dated October 5, 2026 from City of Urbana. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Race Street Ventures LLC hold?
Race Street Ventures LLC may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Urbana currently buying?
Explore City of Urbana's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.