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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Development
DATE: May 23, 2019
SUBJECT:
Introduce an Ordinance proposing the approval of the Business District (BD) Plan and designating the Business District, and setting the July 23rd, 2019 City Council Meeting for a Public Hearing on the proposals to approve the Business District Plan and designation of the Business District to Finance Committee.
PURPOSE:
The Petitioner, Pacifica Square LLC is requesting approval of the creation of a business district to induce development interest within the project area. Staff is working with our consultants Kane, McKenna and Associates, and Klein, Thorpe and Jenkins, Ltd to assist with the creation of this Business District.
BACKGROUND:
The Subject Property is generally located north of New York Street, west of Route 59, south of Drexel Avenue and is currently utilized as a shopping center with B-2(S) Business District-General Retail zoning; with special sign district for lots of Yorkshire plaza subdivision located at 4300-4462 E. New York Street.
The Yorkshire Plaza is a mostly vacant shopping center in the Route 59 corridor. The center has been suffering high vacancies and decreasing sales for approximately ten years. There are approximately 365,000 square feet of space in the center which includes a Best Buy that received an earlier sale tax abatement as a measure to keep them in place. The property is now in control by Pacific Square LLC. The company is controlled by Mr. Eddie Ni who owns properties in Carol Stream, Plainfield, New Lenox, Atlanta and various locations internationally.
DISCUSSION:
Attached is a Business District Plan prepared by Kane, McKenna and Associates that is intended to guide improvements, activities and projects within the subject property in order to stimulate private investment.
Designating a Business District will allow the City to evaluate the projections and ...
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