CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Adopt the Resolution expressing the City of Naperville's intent to consider designation of a business district on property within the City, to impose business district sales taxes, and to induce development interest within such district
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DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: William J. Novack, Director of TED/ City Engineer
BOARD/COMMISSION REVIEW:
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BACKGROUND:
Illinois law, namely the Business District Development and Redevelopment Law, 65 ILCS 5/11-74.3-1 et seq., (Business District Law) allows municipalities to designate business districts to encourage opportunities for development or redevelopment of property and to attract sound and stable commercial growth by establishing a levy for additional sales and/or hotel tax.
Approximately twenty-one (21) contiguous acres of land comprised of two properties at 776 and 808 S. Illinois Route 59, formerly occupied by a Wal-Mart and Sam's Club respectively ("Property"), is owned by PROJECT NAPERVILLE LLC and PROJECT NAPERVILLE 808 LLC (cumulatively referenced as "Developer"). The Developer is seeking City Council approval of the formation of a Business District for the Mall of India development ("Project") by which, if approved, a levy of an additional sales tax of up to 1% would be assessed against the Property for up to twenty-three (23) years to help finance improvements to develop the Property.
The Project will re-vitalize an area of the City that is either not utilized or is underutilized as a result of the elimination of two "big-box" stores. In 2016, the City Council established economic development as one of the City's end policies and developed certain economic development goals focused on improving the vibrancy and increasing the retail sales tax, through filling vacant retail spaces. The former Wal-Mart location was among the list of property areas targeted by the City Council for economic development.
DISCUSSION...
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