Woodstock City Council OKs purchase of the Die Cast property

The Woodstock City Council approved the purchase of the Die Cast/Woodstock station site Tuesday evening.

The board motioned for approval of an ordinance authorizing a taxable general obligation loan to finance the purchase of the Die Cast/Woodstock Station property, authorizing the purchase of real estate being about 8.12 acres at the Die Cast/Woodstock Station.

Council member Jim Prindiville began the discussion by expressing his opinion to not buy the site. Leaving it up to the private sector, he said, would make the site “the most vibrant, contributing neighborhood in Woodstock.” For him, businesses, residents and employees would make that possible, he said.

“I philosophically would prefer to see the property up for redevelopment in private hands. It’s their responsibility to bring their experience and skills to the process, rather, in the hands of an elected body that’s going to bring the skills and experience and knowledge needed to develop the process.”

Although Prindiville said the purchase would not bring them an advantage, others see it as a great opportunity for more project development.

“I think the risk is minimal. And I think we have to put that in proper perspective with the opportunity for developing the future,” Mayor Brian Sager said. “I think the second thing is that it does provide us with more direct opportunity of controlling the process. And that’s something that we have not had in the past. I think that’s paramount. And the third element of that, in my opinion, is the fact that it also allows us to coalesce the land leverage.”

At the Dec. 17 meeting, the City Council held a consensus to direct the City Administration to move forward with negotiations regarding the potential purchase of the Die Cast/Woodstock Station site. At this meeting it was agreed in principle that the city would work to secure the required financing using a loan from Wintrust Bank.

Both Woodstock City Council members and residents showed enthusiasm for the development of the Die Cast property when Woodstock City Council in December to discuss its purchase.