Village of Riverside Public Hearing on Proposed Harlem Avenue Business District No. 1 Minutes Call to Order: II. Roll Call

Similar documents
CHAPTER 11-9 TAX INCREMENTAL DISTRICTS

TAX INCREMENT FINANCING ACT - OMNIBUS AMENDMENTS Act of Dec. 16, 1992, P.L. 1240, No. 164 Cl. 64 Session of 1992 No

TAX INCREMENT PROJECT PLAN

Bonds & TIFs. SDML Finance Officer s School Bonds. Presented by: Tom Grimmond Ray Woody Woodsend Senior Vice President Senior Vice President

County of El Paso Guidelines and Criteria For Tax Abatement Assistance

ORDINANCE NO. CID-3193

IC Chapter 14. Redevelopment of Areas Needing Redevelopment Generally; Redevelopment Commissions

On motion duly made, seconded and carried, the meeting thereupon adjourned. (Published in the Wichita Eagle on August 19, 2016 and August 26, 2016)

THE TAX INCREMENT FINANCE AUTHORITY ACT Act 450 of The People of the State of Michigan enact:

Public Act No

THE TAX INCREMENT FINANCE AUTHORITY ACT Act 450 of The People of the State of Michigan enact:

Village of Riverside Public Hearing Proposed 2017 Tax Levy Village of Riverside and Riverside Public Library

NORTH KANSAS CITY DESTINATION DEVELOPERS TAX INCREMENT FINANCING PLAN CITY OF NORTH KANSAS CITY, MISSOURI. Submitted by:

Village Plan Commission Ordinances

Tax Abatement Agreements

Community Development Department

CITY OF BRUNSWICK, GEORGIA

TAX INCREMENTAL PROJECT PLAN

URBAN REVITALIZATION PLAN CITY OF WINDSOR HEIGHTS, IOWA 2WINDSOR HEIGHTS URBAN REVITALIZATION AREA

City of Chicago Department of Planning and Development Development Support Services 121 N. LaSalle St. #1003 (312)

BROWNFIELD REDEVELOPMENT FINANCING ACT Act 381 of The People of the State of Michigan enact:

ORDINANCE NO

THE LOCAL DEVELOPMENT FINANCING ACT Act 281 of The People of the State of Michigan enact:

This chapter is known and may be cited as the "South Carolina Textiles Communities Revitalization Act".

ORDINANCE NO. ## N.S.

100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018

TAD GOALS AND HOW TO ACHIEVE THEM

EXHIBIT A DESCRIPTION OF AUTHORIZED FACILITIES AND SERVICES I. PUBLIC CAPITAL FACILITIES AND RELATED INCIDENTAL EXPENSES

THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA BROADWAY/MANCHESTER RECOVERY REDEVELOPMENT PROJECT

ORDINANCE NO

AGENDA UPDATE ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE MEETING MONDAY, JULY 6, 2015 III. COMMITTEE AGENDA

CITY OF MIDLOTHIAN SCHEDULE OF TAX ABATEMENT EVENTS

Tax Increment Reinvestment Zones/ Tax Increment Financing Best Practices for Cities

Tomei appointed Alternate Member John Gillott as Acting Member in place of Lisa Schleelein.

Self-Supported Municipal Improvement districts

RESOLUTION NUMBER 3305

HACKBERRY HIDDEN COVE PUBLIC IMPROVEMENT DISTRICT NO. 2 SERVICE AND ASSESSMENT PLAN (UTILITY IMPROVEMENTS)

Heather Hafer, Senior Management Analyst Kate Whan, Public Works Administrative Manager SAN PABLO SUBDIVISION LANDSCAPE & LIGHTING DISTRICT A-03

TAX INCREMENTAL DISTRICT PROJECT PLAN

RESOLUTION NO., 2013

LEGISLATIVE RESEARCH COMMISSION PDF VERSION

AGENDA REPORT. DATE: November 27, City Commission. Kim D. Leinbach, Interim City Manager

APPENDIX A FULL TEXT OF BOND MEASURE

Multiple Structure Asbestos Abatement and Demolition Project

CITY OF DOVER HISTORIC DISTRICT COMMISSION October 15, 2015

TAUSSIG DEVELOPMENT IMPACT FEE JUSTIFICATION STUDY CITY OF ESCALON. Public Finance Public Private Partnerships Urban Economics Clean Energy Bonds

AN ACT. Be it enacted by the General Assembly of the State of Ohio:

Village of Glenview Plan Commission

Chapter VIII. General Plan Implementation A. INTRODUCTION B. SUBMITTAL AND APPROVAL OF SUBSEQUENT PROJECTS C. SPHERE OF INFLUENCE

Chapter 8: Implementation Strategies

Planning Commission Work Meeting Minutes Thursday, August 4, 2016 City Council Chambers 220 East Morris Avenue Time 6:30 p.m.

AGENDA Nardozzi LLC, 70 Nardozzi Place- Authorizing Resolution, Bond Issuance

Planning Commission Agenda

U S E P E R M I T. CITY OF BERKELEY ZONING ORDINANCE Berkeley Municipal Code Title 23 USE PERMIT #

Resolution Ordinance Motion Discussion Only

BUILDING EXCISE TAX ORDINANCE

MINUTES OF MEETING ALAMEDA COUNTY PLANNING COMMISSION MAY 4, 2009 (Approved May 18, 2009)

TO: City Commission FROM: Tabitha Sharp, City Clerk SUBJ: Work Session Meeting Agenda DATE: August 1, 2018

CITY OF LENEXA. Private Activity Conduit Financing & Tax Abatement Information Packet

OFFICE OF HISTORIC RESOURCES City Hall 200 N. Spring Street, Room 559 Los Angeles, CA 90012


CITY OF ST. MARYS TAX ALLOCATION DISTRICT #1: HISTORIC & INDUSTRIAL DISTRICT REDEVELOPMENT PLAN. September 22, Prepared for:

TAUSSIG. & Associates, Inc. CITY OF ANAHEIM COMMUNITY FACILITIES DISTRICT NO (PLATINUM TRIANGLE) DAVID

Commercial Building & Site Loan Program

Executive Summary Planning Code Text Amendment HEARING DATE: MARCH 29, DAY DEADLINE: JUNE 4, 2018

THE CITY OF LAKE FOREST ORDINANCE NO AN ORDINANCE AMENDING CHAPTER 39 OF THE LAKE FOREST CITY CODE TO ADOPT A DEMOLITION TAX

CITY COUNCIL REGULAR MEETING

CRENSHAW & AMENDED CRENSHAW REDEVELOPMENT PROJECTS

SAN JOAQUIN CITY COUNCIL MEETING MINUTES APRIL 12, CALL TO ORDER Called to order by Mayor Hernandez at 6:04 P.M.

CITY OF WAUSAU TAX INCREMENT DISTRICT NUMBER THREE

TRANSFORMATIONAL BROWNFIELD PLAN PROGRAM GUIDELINES

City of Portsmouth Portsmouth, New Hampshire Department of Public Works

FINAL PROJECT PLAN TAX INCREMENT DISTRICT FOR RED ROCK WATER RESERVOIR CITY OF RAPID CITY. Prepared by the

JANUARY 28, 2015 SPECIAL TOWN BOARD MEETING. Immediately Following Public Hearings

COMMERCIAL FACADE IMPROVEMENT PROGRAM GUIDELINES AND APPLICATION

IGNACIO CREEK HOMEOWNERS ASSOCIATION SATELLITE DISH/ANTENNA RULES POLICY Adopted October 26, 2000

ST LUCIE COUNTY FIRE DISTRICT FIRE PREVENTION CODE. RESOLUTION NO

REQUEST FOR QUALIFICATIONS (RFQ) VILLAGE OF LEMONT, ILLINOIS LEGAL SERVICES

TAX REFORM CODE OF PERSONAL INCOME TAX AND STRATEGIC DEVELOPMENT AREAS Act of Nov. 20, 2006, P.L. 1385, No. 151 Cl. 72

County Council of Cuyahoga County, Ohio. Resolution No. R

***SPECIAL MEETING***

Town of Tyrone Planning Commission Meeting Minutes Thursday June 22, :00 PM

DRAFT for Typesetter Legal Text of Local Ballot Measures for November 6, 2018, Consolidated General Election

Contents Ballot Measure... 2 Full Text Ballot Proposition... 3 Tax Rate Statement... 7 Impartial Analysis... 8 Statement in Favor of Measure...

For and on behalf of the Director of Public Works of the City of Manteca

BROWNFIELD REDEVELOPMENT PLAN THE VILLAGE MARKETPLACE + LOFTS 147, 159 AND 185 W. MICHIGAN AVENUE

RESOLUTION NO

CITY OF PALM DESERT COMPREHENSIVE GENERAL PLAN

Historic District Commission Meeting Thursday, July 26, :30 PM City Hall, Council Chambers. MINUTES Approved 8/23/2018

Shires of Inverness Master Association Board of Directors Meeting March 12, :00 pm Shires Clubhouse

Proposed Omega Bay TIRZ. City of La Marque Public Hearing January 14, 2019

NAME OF MUNICIPALITY OR COUNTY LINCOLN & 394 CORRIDOR ENTERPRISE ZONE ORDINANCE NUMBER

NOTICE OF PROCEEDINGS City Council of the City of Defiance, Ohio Charles D. Beard Council Chambers City Hall, 631 Perry Street, Defiance, OH 43512

CITY OF ROCK ISLAND ORDINANCE NO. O AN ORDINANCE OF THE CITY OF ROCK ISLAND, ROCK ISLAND COUNTY, ILLINOIS, ADOPTING TAX INCREMENT ALLOCATION FI

AGENDA JOINT REVIEW BOARD TAX INCREMENTAL DISTRICT NO. 7 PROJECT PLAN AMENDMENT IN ORDER TO SHARE INCREMENT WITH TAX INCREMENTAL DISTRICT NO.

Revolving Loan Fund Application

UNIFIED DEVELOPMENT ORDINANCE TABLE OF CONTENTS. Chapter 1 General Provisions Article 1.1 Introduction

June 16, 2015 Planning Board 1 DRAFT

PRESIDENT AND BOARD OF TRUSTEES

$7,460,000 CITY OF MINNEAPOLIS, MINNESOTA TAX INCREMENT REFUNDING REVENUE BONDS (GRANT PARK PROJECT) SERIES 2015

Transcription:

34 Village of Riverside Public Hearing on Proposed Harlem Avenue Business District No. 1 Minutes I. Call to Order: The Public Hearing of the Village of Riverside Board of Trustees on the Proposed Harlem Avenue Business District No. 1 was held in Room 4 of the Township Hall, 27 Riverside Road, Riverside, IL, on Thursday, February 2, 2017. President Sells called the meeting to order at 7:00 p.m. President Sells stated that Trustee Lumsden was traveling on business and had requested permission to participate in the meeting via telephone. He asked Mr. Lumsden to identify himself, which he did, and asked the Trustees present if there were any objections to Trustee Lumsden participating in the meeting telephonically. Hearing no objections, President Sells welcomed Trustee Lumsden to the meeting. II. Roll Call: Present: President Sells Trustee Ballerine Trustee Collins Trustee Lumsden (via telephone) Trustee Pollock Trustee Sedivy Trustee Hamilton Absent: Also Present: None Village Manager Frances Village Attorney Marrs Village Clerk Haley III. Presentation of Proposed Harlem Avenue Business District No. 1 Village Manager Frances provided specifics regarding publication of the Notice of Public Hearing in the Landmark. She noted that the notice was published on December 28, 2016, January 11 and January 24, 2017. She introduced Phil McKenna of Kane, McKenna and Associates, Inc., who gave a presentation on the firm s findings regarding the proposed Harlem Avenue Business District No. 1. He explained that a business district is an area that the village may decide is in need of public help in order to generate more private investment. The village may choose to implement an additional sales tax in the area that can then be reinvested to improve the area. There are no property tax implications for properties within the proposed business district, nor are there property tax implications for the village as a whole. McKenna noted that the proposed area is small, bounded by 26 th Street, Berkeley Road, Harlem Avenue 1 34

35 and Longcommon Road, but includes the gas station on the Southwest corner of Harlem & Longcommon. In order for the village to designate the area as a Business District, certain findings must be made. Mr. McKenna s firm was hired to determine whether or not conditions were present that support designating the area as a business district. His firm made the following findings. Finding 1, Blight. The area as a whole has not been subject to growth and needs some form of public investment in order to flourish. McKenna noted that properties in the area have lost 35% of their property value in the last 5 years. Several buildings are vacant and all are in disrepair. The parking lots are also in disrepair. Finding 2, Economic and Social Liability. The layout of the entire area is poor. Ingress and egress are difficult. The properties are economically underutilized. The proposed budget for the improvement plan is $5,225,000 for site preparation and infrastructure improvements that would help attract private investment and development. A copy of the Business District Plan is attached to and forms a part of these minutes. IV. Questions and Comments by Public President Sells stated that prior to the meeting, the owner of the Marathon gas station had approached him with concerns regarding the ramifications of the proposed Business District on his existing business. Mr. McKenna stated that the existing business would be able to use the 1% sales tax proceeds to make improvements to the property. The Marathon owner s nephew stated that if a $.01 sales tax is imposed, it will have a negative impact on the gas station. People will not buy gas there if the tax is imposed and the price for gas is higher. They will go to other nearby gas stations. The business will suffer. Linda Bannerholm, a resident of the townhomes on Harlem between the CN tracks and Berkeley Road, expressed concern regarding access to Berkeley Road. It was noted that the proposed improvement plan does not include any changes in access to Berkeley Road. Resident Richard Ray stated that the Marathon gas station is a successful business. He questioned why it was included in the proposed business district. President Sells said it was included because it is part of the Longcommon gateway to the village. V. Adjournment With no further public comment or questions, President Sells called for a motion and second to adjourn the Public Hearing on the proposed Harlem Avenue Business District No. 1. Trustee Sedivy made a motion to adjourn the Public Hearing. Trustee Pollock seconded the motion. AYES: Trustees Ballerine, Collins, Lumsden, Pollock, Sedivy and Hamilton. Motion passed. President Sells declared the Public Hearing adjourned at 7:11 p.m. Respectfully Submitted: Village Clerk Haley Date Approved 2 35

36 DRAFT DATED 1/27/17 VILLAGE OF RIVERSIDE HARLEM AVENUE BUSINESS DISTRICT NO. 1 BUSINESS DISTRICT PLAN Following is a Plan for the development and redevelopment of the Riverside Harlem Avenue Business District No. 1 within the Village of Riverside, Illinois. The area has been reviewed and determined to qualify as a Business District as set forth in the definitions in the Business District Development and Redevelopment Act, 65 ILCS 5/11-74.3-1, et seq. Prepared for: The Prepared by: Kane, McKenna and Associates, Inc. January, 2017 36

37 Village of Riverside Harlem Avenue Business District No. 1 Plan Table of Contents I. INTRODUCTION...1 A. Village Business District Planning and Harlem Avenue...1 B. Village Goals and Objectives...2 II. BUSINESS DISTRICT DESCRIPTION...3 A. General Description...3 B. Legal Description...3 C. Name of Proposed Business District...3 III. QUALIFICATION FOR THE BUSINESS DISTRICT...4 IV. MUNICIPAL POWERS UNDER THE BUSINESS DISTRICT ACT...6 V. BUSINESS DISTRICT REDEVELOPMENT...8 A. Business District Policy Criteria...8 B. Private Development Actions...8 C. General Project Descriptions...9 D. Business District Project Costs...9 E. Issuance of Obligations...9 VI. VILLAGE PUBLIC FINANCING ASSISTANCE...12 VII. SOURCES OF FUNDS TO PAY DEVELOPMENT PROJECT COSTS...14 VII. ESTABLISHMENT AND TERM OF THE BUSINESS DISTRICT...15 IX. VILLAGE FINDINGS...16 X. PLAN AMENDMENTS...17 Appendix Appendix A - Legal Description Appendix B - Boundary Map 37

38 I. INTRODUCTION A. Village Business District Planning and Harlem Avenue Background The Village of Riverside (the Village ) retained Kane, McKenna and Associates, Inc. ( KMA ) to study the designation of the area generally bounded by Berkeley Road to the north, Harlem Avenue to the east, the gas station just south of Longcommon Road to the south and residential properties to the west (the Business District ) according to Business District Development and Redevelopment Act, 65 ILCS 5/11-74.3-1, et seq (the Act ). This Business District Plan (the Plan ) is the document coordinating the Village s redevelopment efforts pursuant to the Act. The Business District has commercial frontage along Harlem Avenue. Frontage along Harlem Avenue is important for sales tax and commercial properties because the automobile traffic along Harlem Avenue provides an opportunity for easy access and convenient shopping. This is especially true with the cross traffic from the North Riverside Park Mall and other large shopping stores located just north of the Business District. Additionally, the commercial buildings currently located in the Business District are over forty years old and require refurbishment to market standards. The Village is committed to encouraging community friendly development within the frontage along Harlem Avenue and the creation of this Business District is vital to the improvement of the area as a whole, as well as to the improvement of the Village s overall business opportunities. 1 38

39 B. Village Goals and Objectives In accordance with the Act, the Plan sets forth the necessity for, the objectives of, and the development program for the Business District in the Village. Below are general goals and objectives for the Business District. Goals Continue to support existing business in the Village by partnering to make investments; Enhance the economic viability, productivity, appearance and function of the Village s commercial and retail areas; To strengthen the property tax base of the Village and overlapping tax districts; To create new jobs and retain existing jobs for Village and area residents; To coordinate all redevelopment within the Village in a comprehensive manner, avoiding adjacent land use conflicts and negative community impacts; and To create a cooperative partnership between Village and existing owners and/or private redevelopment entities. Objectives Assist in coordinating redevelopment activities in order to provide a positive marketplace signal; Reduce or eliminate negative factors present within the area. Accomplish redevelopment over a reasonable time period; Improve traffic flow in the area; Provide for high quality development; and Provide for an attractive overall appearance of the area. As part of the implementation of the Business District Plan the Village would address conditions of long standing vacancies, potential environmental requirements, coordination of traffic, building layout, and parking improvements and area appearance improvements. 2 39

40 II. BUSINESS DISTRICT DESCRIPTION A. General Description The Business District is generally described as being bounded by Berkeley Road to the north, Harlem Avenue to the east, the gas station just south of Longcommon Road to the south and residential properties to the west. Adjacent right-of-ways are also included. B. Legal Description The legal description is included in Appendix A and includes only parcels of real property that will be directly and substantially benefited by this Plan. C. Name of Proposed Business District The name of the Business District shall be the Village of Riverside Harlem Avenue Business District No. 1. 3 40

41 III. QUALIFICATION FOR THE BUSINESS DISTRICT Business District development and redevelopment is specifically provided for in 65 ILCS 5/11-74.3-1 et seq. (the Act ). Pursuant to the Act, the Village may designate a specific area of the Village as a Business District, with the authority to levy an additional sales tax therein, but only after the holding of a public hearing and the making of a formal finding as to the following: Blighted area means an area that is a blighted area which, by reason of the predominance of defective, non-existent, or inadequate street layout, unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete platting, or the existence of conditions which endanger life or property by fire or other causes, or any combination of those factors, retards the provision of housing accommodations or constitutes an economic or social liability, an economic underutilization of the area or a menace to the public health, safety, morals, or welfare. Pursuant to the Act, the Village Board may designate a specific area of the Village as a Business District, with the authority to levy additional and special taxes therein, but only after the holding of a public hearing and the making of a formal finding as to the following: (i) (ii) (iii) the Business District on the whole has not been subject to growth and development through investment by private enterprises or would not reasonably be anticipated to be developed or redeveloped without the adoption of the Business District development or redevelopment plan; the Business District plan conforms to the comprehensive plan for the development of the municipality as a whole; and the Business District qualifies pursuant to factors as defined by the Act. The proposed site as it currently exists demonstrates several factors which present a concern for the public health, safety, or welfare of the community and environment including unsafe conditions and deterioration of site improvements. The factors are summarized below: 1) Deterioration of site improvements. Portions of the parking lots and driveways evidence deterioration throughout the Business District area. In addition, portions of the side or rear walls of several buildings evidence deterioration (the need for tuckpointing or exterior repair). 2) Unsafe Conditions. Some commercial lots have sidewalks that are in need of repair and create a hazardous walking environment. Additionally, there are several buildings that have code violations such as illegal/exposed electrical wiring, un-supported communication wires, and structural cracks that pose safety hazards. The Riverside Cleaners located at 2710 S. Harlem Avenue was subject to remediation because of the concentration of dry-cleaning solvent that contaminated soil and 4 41

42 groundwater. The Illinois Environmental Protection Agency provided a No Further Remediation (NFR) letter on November 30, 2012 for the site. However, the Riverside Cleaners site is restricted to Industrial/Commercial land use and Village testing of the site indicates that there may still be some contamination. Another area of concern, the gas station just south of Longcommon Road, may require further investigation or review in the future. In order to encourage redevelopment of the property located in the Business District, access to and from Harlem Avenue must be reviewed along with a coordinated approach to the property s reuse or development. Other Findings 1) Pursuant to the Act, the Village needs to document that the Project: constitutes an economic or social liability. Based upon vacancies and closure of operations within the area, the economic liability finding is found to be present. 2) With respect to the finding that the Business District on the whole constitutes an economic underutilization of the area, the analysis related to declining property valuations and vacancy within the Business District supports the findings related to the need for proposed Business District designation. As part of this Plan s preparation, the Village hereby makes a formal finding that the Business District is a blighted area pursuant to the requirements of the Business District Act due to unsafe conditions and deterioration of site improvements present within the Business District and furthermore, that the Business District constitutes an economic liability and economic underutilization of the area to the Village in its present condition and use. 5 42

43 IV. MUNICIPAL POWERS UNDER THE BUSINESS DISTRICT ACT In accordance with the Act, the Village may exercise the following powers in carrying out the Plan, in addition to those powers set forth in the Act, and in addition to those powers later added by amendments to the Act: 1) To make and enter into all contracts necessary or incidental to the implementation and furtherance of the Plan; 2) To approve all development and redevelopment proposals for a business district; 3) To exercise the use of eminent domain for the acquisition of real and personal property for the purpose of a development or redevelopment project; 4) To acquire, manage, convey or otherwise dispose of real and personal property acquired pursuant to the provisions of a development or redevelopment plan; 5) To clear any area by demolition or removal of any existing buildings, structures, fixtures, utilities, or improvements, and to clear and grade land; 6) To renovate, rehabilitate, reconstruct, relocate, repair, or remodel any existing buildings, structures, works, utilities, or fixtures; 7) To fix, charge, and collect fees, rents, and charges for the use of any building, facility, or property or any portion thereof owned or leased by the Village; 9) To apply for and accept capital grants and loans from the United Stated or the State, for business district development and redevelopment; 10) To borrow funds as it may be deemed necessary for the purpose of Business District development and redevelopment, and in this connection issue such obligation or revenue bonds as it shall be deemed necessary, subject to applicable statutory limitations; 11) To enter into contracts with any public or private agency or person; 12) To sell, lease, trade or improve such real property as may be acquired in connection with Business District development and redevelopment plans; 13) To employ all such persons as may be necessary for the planning, administration and implementation of the Plan; 14) To expend such public funds as may be necessary for the planning, execution and implementation of the business district plans; 6 43

44 15) To establish by ordinance or resolution procedures for the planning, execution and implementation of the Plan; and 16) To create a Business District Development and Redevelopment Commission to act as agent for the municipality for the purposes of business district development and redevelopment. 7 44

45 V. BUSINESS DISTRICT REDEVELOPMENT A. Business District Policy Criteria The Village has established the following policy criteria to guide development activities within the Business District. 1) Preserve and create an environment within the Business District which will promote the economic and social welfare of the Village including opportunities for new mixed use residential and retail/commercial growth. 2) Exercise powers provided for under the Act in the promotion of the public interest and enhancement of the tax base and tax revenues to the Village. 3) Enhance the economic well-being of the properties within the Business District by encouraging private investment and reinvestment through public financing vehicles, if necessary, to increase business activity, attract sound and stable commercial growth, create and retain job opportunities and enhance and diversify the tax base. 4) Provide for the necessary site preparation or remediation of sites within the area in order to provide for the continued utilization/redevelopment of properties. 5) Provide necessary public infrastructure that enhances the Business District to create an attractive service and/or shopping environment to encourage and support private investment. 6) Establish adequate and safe vehicular and pedestrian circulation and provide adequate parking in locations easily accessible for patrons and other users of the Business District. 7) Provide for a unified development plan, rather than piece meal, uncoordinated build out. B. Private Development Actions The Village has a commitment to be prudent regarding the use of public resources in the assistance of economic development activities. Accordingly, Village assistance to economic development projects located within the Business District, as generally described below, (the "Development Project(s) ) will require thorough Village review of the need for public assistance, and the Village Board of Trustees will need to approve the terms of assistance in redevelopment agreements with private entities. Private development actions must conform to the Village's Business District Policy Criteria set forth in Section IV. 8 45

46 Private entities will need to evidence capacity to implement Development Projects and they must conform to the appropriate Village planning provisions. The Village seeks to expand and diversify its economic and tax base; Development Projects must serve to improve the economic and tax base of the Village. C. General Project Descriptions The Village may provide or enter into an agreement with developers or business owners and tenants to provide certain public and private improvements in the Business District to enhance the immediate area and to serve the needs of development and the interests of the Village and its residents. The Village intends to coordinate the Business District, further contributing to the long-term economic health and vitality of the Village. Proposed Village projects may include any lawful activity set forth in the Act, including but not limited to: - Improvement of public utilities including water mains, sewer related system improvements and storm water retention; - Property acquisition; - Environmental remediation and site preparation; - Rehabilitation of building exterior and interior components; - Improvement of roadways, alleyways and sidewalks; - Beautification and installation of identification markers, landscaping/ streetscaping; and - Relocation and/or extension of utilities. D. Business District Project Costs In undertaking the activities described above, the Village may incur and expend funds related to the implementation of the projects described above. A list of the types of costs that the Village may undertake to fund follows below. The exact amount of assistance that the Village received would be embodied in redevelopment agreements for each individual project. E. Issuance of Obligations The Village may issue obligations pursuant to the Business District Act in order to pay for Business District project costs. The obligations may be secured by the Village of Riverside Harlem Avenue Business District No. 1 Sales Taxes and other sources that the Village deems appropriate. One or more series of obligations may be issued from time to time in order to implement the Business District Plan. Obligations issued by the Village pursuant to the Business District Plan and the Business District Act shall be retired pursuant to the requirements of said Act. 9 46

47 Village of Riverside Harlem Avenue Business District No. 1 Types of Business District Project Costs and Estimated Budget Allocations Component Budget Allocation Property assembly costs, including but not limited to, acquisition of land and other real or personal property or rights or interests therein, and specifically including payments to developers or other nongovernmental persons as reimbursement for $1,500,000 property assembly costs incurred by that developer or other nongovernmental person Costs of installation, repair, construction, reconstruction, extension, or relocation of public streets, public utilities, and other public site improvements within or without the Business District which are essential to the preparation of the Business $550,000 District for use in accordance with the Plan, and specifically including payments to developers or other nongovernmental persons as reimbursement for site preparation costs incurred by the developer or nongovernmental person Site Preparation costs, including but not limited to clearance, demolition or removal of any existing buildings, structures, fixtures, utilities, and improvements $1,000,000 and clearing and grading of land including remediation Costs of installation or construction of buildings, structures, works, streets, improvements, equipment, utilities, or fixtures, and specifically including $950,000 payments to developers or other nongovernmental persons as reimbursements for such costs incurred by such developer or nongovernmental person Costs of renovation, rehabilitation, reconstruction, relocation, repair, or remodeling of any existing buildings, improvements, and fixtures, and specifically $750,000 including payments to developers or other nongovernmental persons as reimbursement for costs incurred by those developers or nongovernmental persons Studies, surveys, development of plans and specifications, implementation and administration of a business district plan, and personnel and professional service $250,000 costs including architectural, engineering, legal, marketing, financial, planning, or other professional services Financing costs, including but not limited to all necessary and incidental expenses related to the issuance of obligations, payment of any interest on any obligations issued under the Act that accrues during the estimated period of construction of $150,000 any development or redevelopment project for which those obligations are issued and for not exceeding 36 months thereafter, and any reasonable reserves related to the issuance of those obligations Relocation costs to the extent the Village determines that relocation costs shall be $75,000 paid or is required to make payment of relocation costs by federal or State law TOTAL MAXIMUM EXPENDITURES $5,225,000 Note: The total maximum expenditures do not include any costs associated with the issuance of debt obligations, if applicable. The total budget for expenditures may not surpass this current estimate whereas the amount of expended funds for individual line-items may be exceeded. Estimated costs are shown below. Adjustments to these cost items may be made without amendment to the Plan. The costs represent estimated amounts and do not represent actual Village commitments or expenditures. Rather, they are a ceiling on possible expenditures of funds in the Business District. 10 47

48 All project cost estimates are in 2016 dollars. In addition to the above stated costs, any bonds or debt obligations (including notes) issued by the Village may include any required interest payments and an amount of proceeds sufficient to pay customary and reasonable charges associated with the issuance of such obligations as well as to provide for capitalized interest and reasonably required reserves. Adjustments to the estimated line item costs above are expected. The individual costs will be reevaluated in light of the nature of the private development and resulting tax revenues as each project is considered for public financing alternatives that the Village may provide. The totals of line items set forth above are not intended to place a total limit on the described expenditures. Adjustments may be made in line items within the Total Maximum Expenditure, either increasing or decreasing individual line item costs. Adjustments to these cost items may be made without amendment to the Plan as long as the Total Maximum Expenditures remain unchanged. 11 48

49 VI. VILLAGE PUBLIC FINANCING ASSISTANCE Anticipated costs of public and site improvements and/or land assembly required for the Development Projects may render private development infeasible. Accordingly, public assistance may be required to off-set certain costs of initial development. Village assistance will be limited to the amounts required to implement the Development Projects in a feasible and fiscally prudent manner. Development Projects must conform to applicable Village codes and plans and serve to provide an adequate return/benefit to the Village. The extent of assistance, if any, shall be determined by the Board of Trustees of the Village upon a full review of any proposed Development Projects. The Village has an obligation to be prudent with the use of public resources in commercial development activities. For this reason it is very important that, whenever the use of public financing is at issue in relation to commercial redevelopment goals for the Development Projects, the Village have a process in place to govern conditions under which it will make private development incentives available for a given project. That process must allow for adequate analysis of a request for public financial assistance and the evaluation of a project to determine if it meets the needs and objectives of the Village. All this should be incorporated into a business development agreement which can only become effective with approval by the Village's Board of Trustees. This process should include the following steps: 1) The Developer approaches Village for specific private development incentives assistance and presents a request to the Village. 2) The Village will review the request. If deemed a potentially viable and beneficial project, the Village will begin review of the proposed Development Project. 3) The Village will review and analyze information submitted by the developer. Any additional information required by the Village shall be submitted to the Village. 4) If the request is deemed feasible, then the request may be processed by the Village. 5) The Village Attorney will advise the Village regarding the proposed Development Project and will draft a redevelopment agreement when requested. 6) Negotiations on the proposed Development Project will then be held by and between the developer with Village staff and stakeholders. 7) The proposed Development Project will then be presented with Village staff recommendation for review and approval by the Village's Board of Trustees. Note: Many of the steps could be consolidated, depending upon the timetable and characteristics of the proposed Development Project. 12 49

50 Any and/or all obligations issued by the Village pursuant to this Plan and the Business District Act shall be retired not more than twenty-three (23) years from the date of adoption of the ordinance approving this Plan. One or more series of obligations may be issued from time to time in order to implement this Plan. The total principal and interest payable in any year on all obligations shall not exceed the amount available in that year or projected to be available in that year, may be payable from incremental sales tax revenues and from bond sinking funds, capitalized interest, debt service reserve funds, and all other sources of funds as may be provided by Village ordinance. Such securities may be issued on either a taxable or tax-exempt basis, as general obligation bonds, general obligation debt certificates, alternate bonds or revenue bonds, or other debt instruments, with either fixed rate or floating interest rates; with or without capitalized interest; with or without deferred principal retirement; with or without interest rate limits except as limited by law; and with or without redemption provisions, and on such other terms, all as the Village may determine. 13 50

51 VII. SOURCES OF FUNDS TO PAY DEVELOPMENT PROJECT COSTS The Village may identify sources of local revenues sales taxes, property taxes, grants, or other sources legally available to the Village to assist in the funding of Business District project costs. The Village may also impose the service occupation tax and the retailer s occupation tax provided for by the Business District Act, within the Business District, at a rate of up to 1.00% of gross sales for the term of the Business District (the Special Business District Taxes ) as provided for in the Business District Act. Said Special Business District Taxes shall be a source of funding for paying Business District Project Costs within the Business District and any obligations incurred by the Village to pay such Business District Project Costs. A separate Village ordinance would also be adopted by the Village Board that would create a separate fund entitled the Harlem Avenue Business District No. 1 Tax Allocation Fund in order to receive the Special Business District Taxes from the Illinois Department of Revenue. Pursuant to the Business District Act, all Special Business District Taxes shall be deposited into this special fund. 14 51

52 VIII. ESTABLISHMENT AND TERM OF THE BUSINESS DISTRICT The establishment of the Business District shall become effective upon adoption of an ordinance by the Village's Board of Trustees adopting this Plan and designating the Business District. Development agreements between the Village and any developers or other private parties shall be consistent with the provisions of the Business District Act and this Plan and are expected to be completed within twenty-three (23) years after the designation of the Plan. The Village shall adopt an ordinance immediately rescinding the Special Business District Taxes imposed pursuant to the Business District Act upon payment of all Business District Project Costs and the retirement of all Business District obligations, but in no event more than 270 days following the payment of the last distribution of sales taxes that retire of the Village of Riverside Harlem Avenue Business District No. 1 obligations. 15 52

53 IX. VILLAGE FINDINGS The Village hereby finds and determines as follows: 1) The Business District on the whole has not been subject to growth and development by private enterprises or would not reasonably be anticipated to be developed or redeveloped without the adoption of this Plan; 2) The Business District Plan conforms to the Village s comprehensive plan for the development of the municipality as a whole as operated by the provision of its zoning ordinance; and 3) The District is qualified as defined in the Business District Act by reason of the predominance of obsolete patting, unsafe conditions and deterioration of site improvements, and as such constitutes an economic liability and an economic underutilization of the area. 4) As part of this Plan s preparation, the Village hereby makes a formal finding that the Business District is a blighted area pursuant to the requirements of the Business District Act due to unsafe conditions and deterioration of site improvements present within the Business District and furthermore, that the Business District constitutes an economic liability and economic underutilization of the area to the Village in its present condition and use. 16 53

54 X. PLAN AMENDMENTS The Village's Board of Trustees may amend this Plan from time to time by following the procedure for amendment to this Plan set forth in the Act. Business District Plan Business District No. 1 17 P:\VBOT Agenda Packets\2017 Agenda Packets\2-2-2017 Public Hearing\Riverside Business District clean version 1 27 2017.docx 54

55 Appendix A Legal Description 55

56 56

57 Appendix B Business District Boundaries 57

58 58