cover
TO: Mayor Richard C. Irvin
FROM: John Curley, Chief Development Officer
David Dibo, Executive Director Mayor's Office of Economic Development
DATE: February 16, 2018
SUBJECT:
A Resolution With Respect to the Potential Reimbursement of Eligible Costs in a Possible Business District and to Induce Development Interest within Such Area (Yorkshire Business District No. 1) (Pacific Square LLC - 18-0112 / NA21/2-17.254-AG/D - DD - Ward 10)
PURPOSE:
As a follow-up to the February 13, 2018 Finance Committee, staff is providing additional information regarding the two inducement resolutions for the Yorkshire Plaza Development Project. Committee members requested additional information regarding Business Improvement Districts, further details on the project itself and financial projections on the incentive being offered.
BACKGROUND:
Yorkshire Plaza is located on 34.73 acres at the northwest corner of East New York Street and Route 59 and consists of approximately 365,000 square feet of commercial shopping space (Attachment 1). The center was built more than 25 years ago and has not been a successful shopping center for more than a decade. The City of Aurora has previously attempted to assist in stabilizing the plaza with a sales tax sharing agreement with Best Buy (R10-396). That agreement expires on January 31, 2021.
Yorkshire Plaza is presently more than 40% vacant and extensive deferred maintenance is required. The property is also in need of a rebranding, redesign, rehabilitation, new facades, updated signage and improved access. Mr. Eddie Ni, Chairman of the Windfall Group has an option to acquire the property. Windfall has redeveloped properties in Chicagoland: Carol Stream, Plainfield and New Lenox (Attachment 2). Most recently. Mr. Ni was part of the redevelopment of The Peachtree Pavilion Shopping Plaza which was 50% vacant. This center was rebranded into an Asian themed center in Doraville, Georgia and is now more that 90% leased (Attachment 3).
...
Click here for full text