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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: March 20, 2019
SUBJECT:
A Resolution With Respect to the Potential Reimbursement of Eligible Costs in a Possible Tax Increment Finance District (TIF) and to Induce Development Interest within Such Area (80 S River St. and Surrounding Property)
PURPOSE:
Adoption of a Reimbursement Resolution is the first step following the approval of the Redevelopment Agreement (RDA) with 80 S. River LLC for the redevelopment of 80 S. River St. This resolution will allow initial expenses to be reimbursed by the TIF once formed later in 2019.
BACKGROUND:
80. S River St was approved to be redeveloped by the City Council in February 2019. As a part of the RDA, a TIF must be formed for the necessary financing of the project. The project consists of 1st floor office and 2nd floor residential development. The developer has committed to work with the City with respect to the continued development of the Fox Valley River Walk.
DISCUSSION:
The redevelopment of 80 S. River St. represents the advancement of two desirable goals for the Downtown. The first goal, in accordance with the recently submitted housing study is the addition of approximately 20 rental housing units. The second goal is the addition of business uses to the downtown, bringing needed foot traffic to our daytime population and improved property values.
This reimbursement resolution allows for the reimbursement of TIF eligible expenses incurred by the City per the TIF Act and allows for reimbursement of TIF eligible expenses to the developer per the RDA.
IMPACT STATEMENT:
The adoption of this resolution will move this development forward and does not commit the City to final adoption of a TIF
RECOMMENDATIONS:
Staff recommends the City Council adopt this resolution.
cc: Finance Committee
Chair Robert J. O'Connor
Alderman Edward J. Bugg
Alderman Theodoros C. Mesiacos
Alderman Richard B. Mervine
CITY OF ...
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