City of Joliet Economic Development Committee met September 14.
Here is the minutes provided by the Committee:
1. Roll Call
Present: Councilman Larry Hug, Chairman, Councilman Terry Morris, Councilman Pat Mudron.
Absent: None.
Also Present: Steve Jones, Kendall Jackson.
2. Approval of Minutes—August 10, 2017
August 10, 2017
Motion to approve the minutes of the August 10, 2017 meeting was made by Councilman Pat Mudron.
Motion seconded by Councilman Terry Morris.
Motion carried by the following vote:
Ayes: Councilman Larry Hug, Chairman, Councilman Terry Morris, Councilman Pat Mudron.
Nays: None.
3. New/Old Business - For Final Action Or Recommendation
a. Old Silver Cross Campus – TIF Proposal.
Memo - Silver Cross TIF
Mr. Jones explained the old Silver Cross Campus TIF proposal to the Committee. He said they will be proceeding with the demolition of the bed tower and hopefully find the City can find a way where a clean site can be more marketable to the development community.
He explained the study area that goes beyond the Silver Cross property.
Councilman Mudron asked if Aunt Martha's was included in the study. Mr. Jones responded they are included. Everything south of Route 6 except for the radio tower is owned by Silver Cross. They also own the property north of Route 6 to the right.
Mr. Jones presented a proposal from S. B. Friedman to the Committee to look at the overall feasibility etc. Mr. Jones is asking that the Committee recommend approval to the full City Council for the adoption of the proposal. The earliest this could go before the City Council is October 3, 2017.
Councilman Mudron asked if there are any downsides to the proposal. Mr. Jones responded with the building being vacant for 5 years it would be good to have the study done. He feels the development community would be more receptive once the buildings are down.
Motion to approve the old Silver Cross Campus TIF Proposal was made by Councilman Terry Morris.
Motion seconded by Councilman Pat Mudron.
Motion carried by the following vote:
Ayes: Councilman Larry Hug, Chairman, Councilman Terry Morris, Councilman Pat Mudron.
Nays: None.
b. Speedway - Sales Tax Rebate Agreement (Route 53 & Emerald Drive).
Speedway Final
Mr. Jones said this topic involves the potential annexation, rezoning and development of the Speedway fueling center along with a couple of extra lots. It is located on the west side of Chicago Street at Emerald Drive.
Mr. Jones explained the sales tax rebate agreement with the Committee. Speedway is looking for 50% rebate of what they generate for a 10 year period up to the amount of their actual cost.
Mr. Jackson said on the north side of Emerald, Cadence has a fueling station plan. Councilman Morris talked about other surrounding stations. There was further discussion about the surrounding area.
Mr. Jones said the station will not create any more traffic however it might capture some of the truck traffic out of convenience. Public Works requested some sidewalks be put in around the project.
Councilman Hug asked if there is enough demand in the area so that competition does not close down a different station and leave a vacancy. Mr. Jones said that is not something the City can answer.
Councilman Mudron asked if they stated what other side businesses they wanted to add. Mr. Jackson said they do not have a concrete plan for the balance of the property at this time.
Motion to recommend approval of the sales tax rebate agreement for Speedway, as stated, to the full City Council was made by Councilman Pat Mudron.
Motion seconded by Councilman Terry Morris. Motion carried by the following vote:
Ayes: Councilman Larry Hug, Chairman, Councilman Terry Morris, Councilman Pat Mudron.
Nays: None.
c. Development Agreement – 141 E. Jefferson Street.
Memo-141 East Jefferson Rev
Mr. Jones spoke to the Committee about the development agreement for 141 E. Jefferson Street. For the developer to do the 11 multi-family units on the 2nd and 3rd floor along with 3 commercial spaces, the current estimates are a $1.9 million project. He further explained the negotiations that he is working on with the developer.
Councilman Mudron wanted to know about the reimbursement of eligible development expenses. Mr. Jones responded that there are a couple of things that the TIF statute says pertaining to hard costs and soft costs. The other thing that is eligible is prevailing wage.
Councilman Morris asked what happens after 23 years. Mr. Jones said after 23 years the TIF is expired. All of that tax revenue instead of just coming into the TIF would go right to the taxing body that has done the levying.
Councilman Hug asked if this is conceptual. Mr. Jones said the developer does have his units drawn up and he had some elevator issues that surfaced recently. He does think he will make them luxury units with granite counter tops etc.
Motion to recommend approval of the development agreement for 141 E. Jefferson Street to the full City Council was made by Councilman Terry Morris.
Motion seconded by Councilman Pat Mudron. Motion carried by the following vote:
Ayes: Councilman Larry Hug, Chairman, Councilman Terry Morris, Councilman Pat Mudron.
Nays: None.
4. New or Old Business, Not For Final Action or Recommendation
Mr. Jones said the Petry agreement will be on the City Council agenda next week. There is still one issue with parking that they are working on.
5. Adjournment
Motion to adjourn was made by Councilman Pat Mudron.
Motion seconded by Councilman Terry Morris.
Motion carried by the following vote:
Ayes: Councilman Larry Hug, Chairman, Councilman Terry Morris, Councilman Pat Mudron.
Nays: None.
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