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TO: Mayor Richard C. Irvin
FROM: David Dibo, Director of Economic Development
DATE: January 18, 2021
SUBJECT:
A Resolution approving a redevelopment agreement with Windfall Group LLC for the development of rental apartments and owner-occupied townhomes along the west side of the Fox River at 309 N River St.
PURPOSE:
This resolution and redevelopment agreement will facilitate the development of the first phase of the property located on the west side of the Fox River adjacent to the new pedestrian bridge and Wilder Park. This development will continue the growth of residential units and retail/restaurants within the downtown in accordance with the downtown housing study.
BACKGROUND:
The city has had a long-term goal of the development of properties along the east and west bank of the Fox River north of the downtown as evidenced by the creation of Tax Increment Finance (TIF) districts #5 and #6 in 2007. These TIFs have had mixed performance over the past 14 years, however with the completion of the pedestrian bridge the city has received interest in residential development projects on both sides of the river adjacent to the bridge. In order to continue the successful redevelopment of the downtown into a destination for entertainment, dining and living, the City continues the strategic addition of each of these uses. Residential development will support recently added restaurants, River Edge Park, the Paramount and the new Copley theater.
The west side of the river has a 9-acre site, owned by the City, that will be subdivided into three parcels that are north of the Casino/Pinney St. The first development being considered is the far north portion of the properties and will involve the construction of 160 market rate residential units and potential retail/restaurant uses on the first floor on approximately 3 acres.
Adding this development to the recently approved DAC development for approximately 250 units and previously approved developments at Key...
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