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Redevelopment package for downtown Yorkville building along Fox River set for vote · Kendall County News - Shaw Local

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  Speaker 1: Redevelopment package for downtown Yorkville building along Fox River set
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  Speaker 1: for vote. Written by Joey Weslow, This article is being
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  Speaker 1: read by an automated voice brought to you by Everlet.
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  Speaker 1: These days, prime real estate along the Fox River is
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  Speaker 1: hard to come by. As part of a larger four
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  Speaker 1: point three million dollars downtown revitalization project, the City of
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  Speaker 1: Yorkville is trying to spur redevelopment of the Grider Building
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  Speaker 1: one twenty three E Hydraulic Avenue, located adjacent to South
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  Speaker 1: Bank Original Barbecue. The building is in prime vantage of
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  Speaker 1: drivers crossing the bridge over the Fox River on Illinois
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  Speaker 1: Route forty seven. The building currently is under contract with
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  Speaker 1: the Williams Group, who have expressed desire to redevelop the
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  Speaker 1: site as described in city documents. The Williams Group told
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  Speaker 1: the city the ability to proceed in the future with
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  Speaker 1: any project will require tax increment financing assistance and a
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  Speaker 1: tiff extension. The City Council will be considering a tiff
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  Speaker 1: inducement resolution for the building during its May twelfth meeting.
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  Speaker 1: Plans are currently being formulated for the development of the property,
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  Speaker 1: but are not available at this time. The city said
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  Speaker 1: a tax increment finance district is a development tool local
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  Speaker 1: governments used to encourage development or redevelopment that would be
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  Speaker 1: too expensive to improve with private dollars alone. It diverts
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  Speaker 1: increased sales or property taxes generated to pay for specific
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  Speaker 1: to improvements within the district. A tiff can last up
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  Speaker 1: to twenty three years. City Administrator bart Olsen said and
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  Speaker 1: said in city documents, the tiff resolution makes no guarantee
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  Speaker 1: as to the amount or type of assistance to the owner,
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  Speaker 1: as these items will get negotiated with the city at
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  Speaker 1: a later date. The city must still officially approve plans
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  Speaker 1: to redevelop the property piece of a larger project. The
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  Speaker 1: city has already taken strides toward its four point three
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  Speaker 1: million dollars Downtown Hydraulic District renovation project. Last year, the
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  Speaker 1: city was awarded a three million dollars Illinois Transportation Enhancement
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  Speaker 1: Program grant to revitalize the area, including new walking and
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  Speaker 1: biking paths, improved safety features, and esthetic improvements like outdoor
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  Speaker 1: lighting and decorative pavers and entryways. The improvements are part
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  Speaker 1: of the Street Skate project, which city planners hope will
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  Speaker 1: someday spur mixed use residential and commercial developments near the
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  Speaker 1: Fox River. A music stage and events plaza, and renovated
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  Speaker 1: businesses and walkways are all part of the vision for
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  Speaker 1: a rejuvenated downtown district. With the three million dollars grant,
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  Speaker 1: the city is investing one million, three hundred, ten thousand,
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  Speaker 1: three hundred dollars in matching funds for the multi year project.
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  Speaker 1: According to city documents, engineers are creating a one way
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  Speaker 1: street with a multi use pedestrian and bicycle path along
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  Speaker 1: East Hydraulic Avenue. A sidewalk is being extended along Mill
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  Speaker 1: Street and Houstas Street out to East Van Emmon Street.
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  Speaker 1: A hardscape fence barrier with landscaping elements is likely being
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  Speaker 1: placed near the railroad tracks before construction begins. The area
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  Speaker 1: is undergoing an environmental hazard cleanup to remediate soil pollution
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  Speaker 1: from decades of agricultural and industrial usage of the FS
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  Speaker 1: property in the downtown district. A large portion of the
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  Speaker 1: downtown area currently features a public parking lot, which was
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  Speaker 1: first paved in two thousand. As part of the rejuvenation project,
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  Speaker 1: the parking lot would be scaled down with expanded parking
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  Speaker 1: spaces placed in adjacent areas, including along the river. City
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  Speaker 1: staff currently are estimating the first letting for the multi
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  Speaker 1: year project to be in November twenty twenty eight.