City of Oregon AgendaPacket 2026-05-26
City Approves $50,000 TIF Loan for Mongan Project
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Description
The City of Oregon approved a Tax Increment Financing District redevelopment agreement with Marc & Michelle Mongan and Monhow Enterprises, LLC, providing a forgivable loan of up to $50,000 for rehabilitation of a commercial building at 1000 Pines Road. The five‑year loan will be incrementally forgiven as long as three retail suites are completed, occupied, and the developer complies with all terms and tax obligations.
Contract Details
Contract Amount
Not to exceed $50,000.00
Vendor
MARC & MICHELLE MONGAN & MONHOW ENTERPRISES LLC
Agency
City of Oregon, IL
Contract Type
FINANCIAL_SERVICES
Document Date
May 26, 2026
Contract Term
Loan term of 5 years from date funds are disbursed; project completion required within 12 months of agreement (May 26, 2026)
Renewal Info
Loan term is five years from disbursement, with 1/5 of principal plus interest forgiven each year if all performance and compliance conditions are met; agreement expires upon expiration of the loan or earlier upon default, bankruptcy, foreclosure, or transfer of the property.
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