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Politics & Government

City Considering Downtown Incentives

Agreement would support the developer of Cobblestone Bakery and The Follies Theatre.

Quick update: Aldermen unanimously approved the agreement on Tuesday, April 10.

Yorkville aldermen are expected to discuss a $500,000 incentive plan for a downtown developer after a city committee gave it the thumbs up Tuesday.

Imperial Investments, which redeveloped and , would receive the incentive through the city’s downtown tax increment financing district.

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The four aldermen sitting on the Economic Development Committee voiced support for the draft incentive agreement Tuesday. Ward 3 Alderman Chris Funkhouser said the proposed projects were the sort TIF districts were designed to address.

“I think these are realistic, and I’d like to see them succeed,” Funkhouser said.

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In a TIF district, property taxes from increasing property values are funneled into a special fund to encourage development. The downtown TIF district will expire after 23 years in December 2013. That property tax revenue is separate from city funds and can only be used for specific economic development expenses.

Under the proposed agreement with Imperial Investments, the company agrees to invest at least $2 million in three projects: Cobblestone, The Follies Theatre and apartments at 202 E. Van Emmon Road, 210 E. Van Emmon Road, 306 Heustis St. and 308 Heustis St.

If approved, the city will funnel up to a quarter of that $2 million investment back to Imperial Investments as property taxes associated with the increased property values are collected.

The developer would finish the three projects by Dec. 31, 2013, according to the draft agreement.

The agreement is expected to be discussed at the next City Council meeting, which starts at 7 p.m. Tuesday at .

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