Oregon buys historic riverfront property with eye toward future development

Shaw Local

A piece of historic riverfront property is now owned by the city of Oregon.

City Council members voted unanimously Sept. 9 to purchase the former Paragon Foundry, 309 S. First St., for $375,000 with hopes of prepping the site for future development.

“I think just for transparency it would be worthwhile to summarize what this is and what we are doing,” said Oregon Mayor Ken Williams.

City Administrator Darin DeHaan said the purchase reflects objectives within the city’s riverfront development plan.

This map shows the property recently purchased by the City of Oregon on the west bank of the Rock River at 309 S. First Street. (Image provided by the City of Or)

“Part of the long term riverfront development plan, obviously, is to start converting old industry into new public access space,” said DeHaan.

The property was constructed in the early 1900s as the Paragon Foundry. It stopped functioning as a foundry more than 50 years ago and has been for sale for the past several years.

“We’ve had had an opportunity to work with a potential developer,” said DeHaan. “So the potential for this redevelopment would be to have some housing options, as well as some retail space and other public offerings, as well as partnering for the bike path past that property along the river.”

The nearly 2-acre site sits on the west bank of the Rock River, below the Oregon dam. It was purchased from Sally Morning, DeHaan said.

Williams said the city is using tax-increment financing funds to purchase the property.

TIF funds are commonly used by municipalities to encourage redevelopment and stimulate private investment in an area that has been designated to be in need of economic revitalization.

“I think this fits with our vision moving forward with the river front and will be a nice asset for the community once we get it up and going,“ said Commissioner Melanie Cozzi.

The City of Oregon has purchased the site of the old Paragon Foundry located on the west bank of the Rock River at 309 S. First Street. (Earleen Hinton)

Williams said the property will be a nice addition to the riverfront district.

“It’s going to basically be the anchor for our riverfront retail,” said Williams.

On Monday, the council held a special meeting to approve an ordinance for the purchase because TIF funds are being used. That ordinance also passed unanimously.

DeHaan said the city is expected to close on the property Sept. 18.