CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Adopt the resolution approving the sales tax revenue sharing agreement between the City of Naperville and Costco Wholesale Corporation
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DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: William J. Novack, Director of TED/City Engineer
BOARD/COMMISSION REVIEW:
NA
BACKGROUND:
In 2015, the Naperville City Council approved four ends policies to help guide the City's priorities in the coming years. Our Economic Development ends policy states:
"Naperville will be the location of choice for businesses"
The City also established goals under each of our Ends Policy categories including the following goal:
"In order to improve the vibrancy and increase retail sales tax, the City will actively seek to fill vacant spaces at Ogden Mall, Iroquois Mall and the northwest corner of Ogden Avenue and Naper Boulevard."
The east Ogden corridor is a vital commercial area for the City of Naperville with over 35,000 vehicles traveling through the corridor daily. Since the closure of Kmart in April of 2013, the Ogden Mall has struggled with its occupancy level. The City recognized the need to focus economic development efforts on east Ogden Avenue to maintain its role as a vital business and service corridor and asset to the City. Filling critical commercial vacancies in this area has many benefits:
* Residents will have increased shopping opportunities and shorter travel times to a retail destination
* The appearance of the east Ogden Corridor will be improved
* The City's sales and property tax bases will be increased
* There will be increased interest in the corridor, which will spur occupancy of other, smaller nearby tenant spaces and improve business for all property owners
While all City goals are important, the goal related to filling vacant spaces on Ogden Avenue took special prominence amongst the City's goals. This is evidenced by the attached May 2018 letter to from the City Council to the...
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