Land Use & Economic Development Committee

150 West Jefferson Street City of Joliet Joliet, IL 60432 Economic Development Committee Meeting Minutes - Pending Approval Committee Members Councilman Joe Clement Councilman Larry E. Hug Councilman Terry Morris Thursday, November 10, 2022 5:00 PM City Hall, Council Chambers Citizens who are unable to attend the meeting can email comments in advance of the meeting to publiccomment@joliet.gov. ROLL CALL Present Councilman Larry E. Hug, Councilman Terry Morris and Councilman Joe Clement APPROVAL OF MINUTES TMP-4747 Attachments: 101322 A motion was made by Councilman Terry Morris, seconded by Councilman Joe Clement, to approve the Economic Development Committee Meeting Minutes- -October 13, 2022. The motion carried by the following vote: Aye: Councilman Morris and Councilman Clement Abstain: Councilman Hug CITIZENS TO BE HEARD ON AGENDA ITEMS N/A This section is for anyone wanting to speak regarding agenda items and are allowed a maximum of 4 minutes. It is not a question and answer period and staff, and the Committee members do not generally respond to public comments. The City Clerk has a copy of the public speaking procedures; please note, speakers who engage in conduct injurious to the harmony of the meeting shall be called to order by the Presiding Officer and may forfeit the opportunity to speak. None. NEW OR OLD BUSINESS, FOR FINAL ACTION OR RECOMMENDATION INCENTIVE EXTENSION OF AUDITORIUM BUILDING - 150 N. CHICAGO STREET TMP-4749 Page 1 of 3 Economic Development CommitteeMeeting Minutes - Pending Approval November 10, 2022 Attachments: AUDITORIUM BUILDING DEVELOPMENT AGREEMENT FOR USE OF TIF FUNDS 2007-06-19 AUDITORIUM BUILDING REDEVELOPMENT - AMENDED DEVELOPMENT AGREEMENT WITH MID-CENTRAL ENTERPRISES - 2008-08-18 AMENDED DEVELOPMENT AGREEMENT WITH MID-CENTRAL ENTERPRISES INC. - 2010-02-16 Cesar Suarez, Economic Development Director, presented a review of the amendments to both the Auditorium Building and the Munroe Building and shared the extension of the incentive met the "but for clause" and thus justified to December 31, 2035. Chairman Larry Hug indicated Michael Petry was encouraged to redevelop the Barber Building and the city would provide the extension. Mr. Michael Petry, 916 Western, Joliet, representing Mid Central Enterprises, stated he only wants what Mr. Jones, the previous Economic Development Director and he agreed to have. Chairman Hug explained in further detail what happened with the original agreement and he inquired if anything has changed with it. Mr. Suarez shared the only change would be the removal of the parking commitment. Mr. Petry gave detailed background information about how the original agreement occurred. Mr. Petry said the request is for a 12 year extension and whatever the caps were in the 1st agreement should remain. As well as potential TIF money and to remove the parking, which was all the original agreement. Councilman Clement said he supports the request. Councilman Morris inquired about the parking deck. Councilman Hug responded the parking commitment will expire at the end of 2023. A motion was made by Councilman Joe Clement, seconded by Councilman Terry Morris, to recommend for approval by the full City Council the extension of the original agreements without change, for the additional 12 years on the older downtown TIF, minus the parking, which will no longer exist after the end of 2023. The motion carried by the following vote: Aye: Councilman Hug, Councilman Morris and Councilman Clement INCENTIVE EXTENSION OF MONROE BUILDING - 22 E. CASS STREET TMP-4748 Attachments: RDA - 20 E. Cass - Monroe Bldg Page 2 of 3 Economic Development CommitteeMeeting Minutes - Pending Approval November 10, 2022 Cesar Suarez, Economic Development Director, presented a review of the amendments to both the Auditorium Building and the Munroe Building and shared the extension of the incentive met the "but for clause" and thus justified to December 31, 2035. Chairman Larry Hug indicated Michael Petry was encouraged to redevelop the Barber Building and the city would provide the extension. Mr. Michael Petry, 916 Western, Joliet, representing Mid Central Enterprises, stated he only wants what Mr. Jones, the previous Economic Development Director and he agreed to have. Chairman Hug explained in further detail what happened with the original agreement and he inquired if anything has changed with it. Mr. Suarez shared the only change would be the removal of the parking commitment. Mr. Petry gave detailed background information about how the original agreement occurred. Mr. Petry said the request is for a 12 year extension and whatever the caps were in the 1st agreement should remain. As well as potential TIF money and to remove the parking, which was all the original agreement. Councilman Clement said he supports the request. Councilman Morris inquired about the parking deck. Councilman Hug responded the parking commitment will expire at the end of 2023. This item was approved with the 150 N. Chicago Street agenda item. This Agenda Item was recommend for approval. PUBLIC COMMENT N/A This section is for anyone wanting to speak regarding non-agenda items and are allowed a maximum of 4 minutes. It is not a question and answer period and staff, and the Committee members do not generally respond to public comments. The City Clerk has a copy of the public speaking procedures; please note, speakers who engage in conduct injurious to the harmony of the meeting shall be called to order by the Presiding Officer and may forfeit the opportunity to speak. Councilman Hug inquired about a future meeting updating the Committee on building permits etc. ADJOURNMENT A motion was made by Councilman Joe Clement, seconded by Councilman Terry Morris, to adjourn. The motion carried by the following vote: Aye: Councilman Hug, Councilman Morris and Councilman Clement This meeting will be held in an accessible location. If you need a reasonable accommodation, please contact Christa M. Desiderio, City Clerk, 150 West Jefferson Street, Joliet, Illinois 60432 at (815) 724-3780. Page 3 of 3