Economic Development Commission

Public participation is invited. When called upon, please approach the microphone and state your name. Kindly limit your remarks to three (3) minutes. VILLAGE OF VILLA PARK Village Hall, Committee of the Whole Room 20 S. Ardmore Avenue Villa Park, IL 60181 Economic Development Commission January 15, 2025 5:30 PM Chairman: Tony Oddo Commissioners: Ghada Abdelhafez-Fahmy, Larry Calvert, Patrice Gallagher, JP Hochbaum, Ethan Tutor-Leon and John Drogos 1. Call to Order - Roll Call 2. Approval of Minutes a. Minutes from December 18, 2024. 3. Business a. Review / Approve TIF Incentive Redevelopment Agreement for 100 S Villa Ave - The Union 4. Public Comments 5. Commissioner Comments 6. Village Board Liaison Comments 7. Staff Liaison Comments 8. Adjournment The Villa Park Village Hall is subject to the requirements of the Americans with Disabilities Act of 1990. An elevator is operational at the north side entrance to the Village Hall during normal work hours and also during evenings. lndividuals with special needs are requested to contact the Village's Compliance Officer at (630) 834-8500 so that reasonable accommodations can be made for those persons. Page 1 of 16  ECONOMIC DEVELOPMENT COMMISSION MINUTES December 18, 2024 The meeting of the Economic Development Commission was called to order December 18, 2024, at 5:30 p.m. PRESENT: Commissioners: Tony Oddo, Larry Calvert, Ethan Tudor-Leon, Ghada Abdelhafez- Fahmy, JP Hochbaum and John Drogos. OTHERS PRESENT: Director Marc McLaughlin. PUBLIC INPUT ON AGENDA ITEMS: None. APPROVAL OF THE MINUTES: Motion to accept the minutes made by Commissioner Hochbaum and seconded by Commissioner Larry Calvert, verbal rollcall and passed with all ayes. The minutes for the Economic Development Commission for October 16, 2024, were approved. GENERAL DISCUSSION/BUSINESS: The meeting opened with Director McLaughin explaining since the November meeting was cancelled; the budget went to the board for approval last Monday and was approved. Review of the funding and revenue for each TIF to develop some Economic Development in each area. • TIF 3 – North Avenue: Budgeted Items: o Surveying work on the parking issues and work with IDOT to increase useable property, restripe for angled parking on the south side and eliminate north side parking, creates additional spaces. o 3 Grants available, Façade, Tenant and Site, these will help with redevelopment in the area. o Land acquisitions which will include surveying, legal, demolition and possible remediation. New properties for sale would increase property tax base. o Audits. • TIF 5 – Kenilworth: Budgeted Items: o Grant Programs: Façade, Tenant and Site which will help with redevelopment in the area. o Engineering for the connection of the Prairie Path from Park Blvd. o Marketing Signage for Old Town Villa Park which will assist with rebranding the area. o Land acquisitions and Legal will support growth and development. o Kenilworth Townhomes RDA (Redevelopment Agreement). • TIF 6- North Ardmore/Vermont: Budgeted Items: o Engineering for the West Terrace Alley, needs paving/clean-up for shared entrances. o 3 Grants available: Façade, Site and Tenant improvements. o Legal, Audit, and Surveying o Marketing for new signage, rebranding as Uptown Villa Park. o Eco Terra RDA, (Redevelopment Agreement). Development of multi-unit building with commercial district on ground level. Page 2 of 16  • TIF 7 – St. Charles Road: Budgeted Items: o 3 Grants: Façade, Site and Tenant improvements. o Engineering for parking improvements on Home Avenue. o Land Acquisitions, draw in new businesses and increase property tax base. o The Union Agreement. Development of a multi-facet building includes residential, commercial and public parking. • Business District Tax – (BDT) is a specific area which tax is being collected for improvements specifically for their area. This area consists of Wildfire Harley, Polaris, Auto Service and Los Burritos. New business on St. Charles Road, the Epic Hall recently finished both interior and exterior renovations. This will be rental for private gatherings. PUBLIC COMMENTS NON-AGENDA ITEMS: None. COMMISSIONER COMMENTS: Commissioner Abdelhafez-Fahmy: The meeting was very interesting and informative. Commissioner Oddo: Visited Atomic Transmission, Frank Gentile. Frank owns multiple properties in Villa Park. He has no parking concerns, and does not plan on expanding, however he stated he would like to see the same rules for everyone. Overall, Frank was very positive. In 2025 Commissioner Oddo would like to continue the Business Retention Program and possibly expand on it. No other Commissioners comments. VILLAGE BOARD LIAISON COMMENTS: None. STAFF LIAISON COMMENTS: No comments. ADJOURNMENT: Motion to adjourn the meeting was made by Commissioner Tudor-Leon and seconded by Commissioner Drogos. The motion passed with all ayes. The meeting was adjourned at 6:37 p.m. Complete recorded minutes will be available on the Village Website. Respectfully Submitted by, Pat Boksha Page 3 of 16 Village of Villa Park Community & Economic Development Department, 11 W. Home Avenue, Villa Park, IL 60181 TO: Economic Development Commission FROM: Community & Economic Development Department DATE: January 15, 2025 RE: 100 S Villa Ave / TIF Incentive Redevelopment Agreement (RDA) Applicant: Marquette Real Estate Investments, LLC 135 Water Street, 4TH Floor Naperville, IL 60540 Request Summary: The Applicant is requesting a General Obligation (GO) Bonds - Alternate Revenue Source in the sum, not to exceed, $13,000,000 which will be used to pay or reimburse the Developer for certain TIF Eligible Redevelopment Costs incurred and/or paid by the Developer, for the project to be located at 100 S Villa Ave, also known as, The Union. Project Summary: The Subject Property is currently Village owned, vacant, and the former site of a landscaper, dog groomer, and apparel emborder. The proposed development is a mixed-use complex with approximately 238 apartments, not less than 7,000 sqft of commercial space fronting Villa Ave, and a two-story parking deck that will include 406 total parking spaces, of which 94 spaces are allocated for public parking on the first floor. The proposed project will cost approximately $83,000,000. Deal Terms: • The RDA is structured as such that upon approval of zoning and subdivision, the Village Board will authorize the approval of Bond sale. • Upon authorizing the Bond sale, the developer will formalize financing and prepare a closing statement. • The Bond sale and closing on financing will happen as near as simultaneously as possible, but there could be a week of flexibility. • Development will commence 30 days after closing. Internal Staff Review Staff has been working with the Developer for some time on crafting an equally beneficial RDA as it pertains to the sale of GO bonds. The financial implications of this particular project are as such: Projected Annual Net Incremental Property Taxes: 2025 2026 2027 2028 2029 2030 $0 $0 $0 $535,370 $1,368,495 $1,396,180 2031 2032 2033 2034 2035 2036 $1,424,310 $1,452,885 $1,481,907 $1,511,377 $1,541,294 $1,571,659 2037 2038 2039 2040 2041 2042 $1,602,471 $1,633,728 $1,665,428 $1,697,570 $1,730,149 $1,763,163 2043 2044 2045 2046 2047 2048 $1,796,605 $1,830,472 $1,864,756 $1,899,451 $1,934,549 $1,970,039 Total Increment = $33,671,859 Page 4 of 16 Bond Payment: Bond Total (including fees): $14,875,000 Bond Interest Rate (estimate): 3.75% Bond Term: 20 years Bond Interest: $7,554,601 Bond Total P&I: $22,429,601 TIF Benefit: Total Increment $33,671,859 – Bond Total P&I $22,429,601 = TIF NET $11,242,258 Years 2045 thru 2048 will have no bond payment totaling $7,668,795. Per the agreements with D88 and D45, the TIF is supposed to pay off the bond as soon as it can with extra annual increment. In this event, potentially years 2040 thru 2043 will also have no bond payment requirement, adding an additional $6,987,487 to the $7,668,795 for a total of $14,656,282 of TIF NET. Staff Recommendation: Village staff has reviewed the agreement and is supportive of the request as structured. Recommended Action: To recommend approval of a Redevelopment Agreement with Marquette Real Estate Investments, LLC to incentivize the development of 100 S Villa Ave for The Union project. 2 Page 5 of 16 Page 6 of 16 Page 7 of 16 Page 8 of 16 Page 9 of 16 Page 10 of 16 Page 11 of 16  ELEVATOR OVERRUN FIBERCEMENT PANEL FROSTED GLASS BALCONY DIVIDER ELEVATOR OVERRUN FIBERGLASS COMPOSITE WINDOW UNIT ROOF 184' - 0" PRE-FINISHED ALUMINUM BALCONY WITH GLASS RAILING SEVENTH FLOOR BRICK MASONRY 172' - 0" SIXTH FLOOR 160' - 8" FIFTH FLOOR 149' - 4" FOURTH FLOOR 138' - 0" THIRD FLOOR 126' - 8" ALUMINUM STOREFRONT SECOND FLOOR WINDOW SYSTEM 116' - 0" PARKING GARAGE PARKING GARAGE WEST LOBBY 102' - 0" FIRST FLOOR 100' - 0" ALUMINUM STOREFRONT PUBLIC PARKING GARAGE EXIT ACCESS TO PUBLIC PARKING GARAGE CONCRETE FROSTED GLASS AT PARKING WINDOW SYSTEM LEVEL WINDOWS PUBLIC PARKING SIGNAGE - 36"X36" MAX OPEN AIR PARKING GARAGE BRICK MASONRY KNEE WALL WITH PERFORATED METAL ENTRY TO PUBLIC PARKING GARAGE PAINTED HOLLOW METAL DOOR SCREENING ELEMENT PUBLIC PARKING SIGNAGE PUBLIC PARKING SIGNAGE NORTH ELEVATION ELEVATOR OVERRUN FIBERCEMENT PANEL BLADE SIGN FROSTED GLASS BALCONY DIVIDER FIBERGLASS COMPOSITE WINDOW UNIT ROOF 184' - 0" PRE-FINISHED ALUMINUM BALCONY WITH GLASS RAILING SEVENTH FLOOR BRICK MASONRY 172' - 0" SIXTH FLOOR 160' - 8" FIFTH FLOOR 149' - 4" FOURTH FLOOR FROSTED GLASS AT 138' - 0" PARKING LEVEL WINDOWS ALUMINUM STOREFRONT THIRD FLOOR WINDOW SYSTEM 126' - 8" BRICK MASONRY KNEE WALL SECOND FLOOR RETAIL SIGNAGE RETAIL SIGNAGE CONCRETE 116' - 0" WEST LOBBY 102' - 0" FIRST FLOOR 100' - 0" ALUMINUM STOREFRONT WINDOW SYSTEM RETAIL SIGNAGE TBD: TO BE IN PIN MOUNTED LETTERS APARTMENT SIGNAGE COMPLIANCE WITH VILLAGE ZONING CODE STEEL STRUCTURE AT ROOF OVERHANG BOARD FORMED CONCRETE PLANTER EAST ELEVATION ELEVATIONS 110 S. VILLA AVE. VILLA PARK, IL. 60181 1'=40'-0" 2 FEBRUARY 2024 Page 12 of 16  ELEVATOR OVERRUN HARDIEPLANK CEMENT BOARD SIDING HARDIEPLANK CEMENT BOARD SIDING ELEVATOR OVERRUN FIBERCEMENT PANEL FIBERGLASS COMPOSITE WINDOW UNIT ROOF 184' - 0" SEVENTH FLOOR BRICK MASONRY 172' - 0" SIXTH FLOOR 160' - 8" FIFTH FLOOR PRE-FINISHED ALUMINUM BALCONY 149' - 4" FOURTH FLOOR 138' - 0" STEEL STRUCTURE AT ROOF OVERHANG ALUMINUM STOREFRONT THIRD FLOOR WINDOW SYSTEM 126' - 8" OVERHEAD DOORS SECOND FLOOR WOOD OR WOOD-LOOK BOARDS 116' - 0" BOARD FORMED CONCRETE WEST LOBBY PLANTER 102' - 0" FIRST FLOOR 100' - 0" FIBERGLASS COMPOSITE SLIDING DOOR OPENINGS IN PRE-CAST CONCRETE PRE-CAST CONCRETE PANEL PUBLIC PARKING SIGNAGE - 36"X36" MAX PANEL ON GARAGE LEVELS ACCESS TO PUBLIC PARKING GARAGE SOUTH ELEVATION ELEVATOR OVERRUN PRE-FINISHED ALUMINUM FIBERCEMENT PANEL BALCONY WITH GLASS RAILING FIBERGLASS COMPOSITE WINDOW UNIT ROOF 184' - 0" PRE-FINISHED ALUMINUM BALCONY SEVENTH FLOOR 172' - 0" SIXTH FLOOR BRICK MASONRY 160' - 8" FIBERGLASS COMPOSITE SLIDING DOOR FIFTH FLOOR 149' - 4" HARDIEPLANK CEMENT BOARD SIDING FOURTH FLOOR PRE-CAST CONCRETE PANEL 138' - 0" FIRE STAIR EGRESS STEEL STRUCTURE AT ROOF OVERHANG THIRD FLOOR 126' - 8" SECOND FLOOR 116' - 0" WEST LOBBY 102' - 0" FIRST FLOOR FROSTED GLASS AT ALUMINUM STOREFRONT OVERHEAD DOOR WITH LOUVERS PARKING LEVEL WINDOW SYSTEM FROSTED GLASS 100' - 0" WINDOWS BRICK MASONRY KNEE WALL CONCRETE WEST ELEVATION ELEVATIONS 110 S. VILLA AVE. VILLA PARK, IL. 60181 1'=40'-0" 2 FEBRUARY 2024 Page 13 of 16 BUILDING CORNER RENDERING 110 S. VILLA AVE. VILLA PARK, IL. 60181 2 FEBRUARY 2024 Page 14 of 16 CAFE RENDERING 110 S. VILLA AVE. VILLA PARK, IL. 60181 2 FEBRUARY 2024 Page 15 of 16 AERIAL RENDERING 110 S. VILLA AVE. VILLA PARK, IL. 60181 2 FEBRUARY 2024 Page 16 of 16