The Urbana City Council approved an ordinance Monday night, setting a development plan in motion for downtown Urbana.

Joe Petry and Ray Timpone Jr., equity partners for developer Timpone Petry, LLC., presented the Stratford Residences Proposal. The proposal called for the development of two city-owned lots at 206 and 208 N. Race St.

Timpone Petry, LLC., is scheduled to construct a 50,000-square foot, four-story structure at a cost of $4.65 million. The majority of the space will be devoted to 41 residential apartments with brick and limestone exteriors to match other downtown Urbana buildings.

About 2,000 to 3,000 square feet of the structure will consist of retail and office space.

The proposal met the goals established in the city’s Downtown Strategic Plan, including bringing more businesses and residents to downtown Urbana.

Alderwoman Danielle Chynoweth said the project would prove to other developers that downtown Urbana is the place for development.

“I think that you are making history by making this building,” Chynoweth said.

Timpone Petry, LLC., planned to break ground in October, Petry said. The project is scheduled forcompletion on Sept. 30, 2005.

In other council news, Alderman Jim Hayes announced his retirement after three terms on the city council. Hayes said he would not be a candidate for Ward 3 in the upcoming election. Urbana mayor Tod Satterthwaite said Hayes contributed positively and “above and beyond the call of duty.”