Economic & Community Development Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Minutes Monday, April 8, 2024 6:00 PM Village Hall - Community Room Economic & Community Development Committee Anthony Puccio, Chairperson Brian LaVaque, Alternate Chairperson Dennis McNicholas, Garrick Nielsen, Matthew Pike, Paula Dillon, Laine Vant Hoff, Gregory Ladle, Patrick Kennedy and Lindsay Brown Staff Liaison: William Heniff Economic & Community Minutes April 8, 2024 Development Committee 1.0 Call to Order and Pledge of Allegiance The meeting was called to order by Trustee Puccio at 6:00 p.m. The Pledge of Allegiance was recited. 2.0 Roll Call Present 7 - Anthony Puccio, Dennis McNicholas, Matthew Pike, Laine Vant Hoff, Gregory Ladle, Patrick Kennedy, and Lindsay Brown Absent 2 - Garrick Nielsen, and Paula Dillon Also present: William Heniff, AICP Community Development Director 3.0 Public Participation 4.0 Approval of Minutes A motion was made by Matthew Pike, seconded by Patrick Kennedy, that the 2-12-24 meeting minutes be approved. The motion carried by the following vote: Aye: 7 - Anthony Puccio, Dennis McNicholas, Matthew Pike, Laine Vant Hoff, Gregory Ladle, Patrick Kennedy, and Lindsay Brown Absent: 2 - Garrick Nielsen, and Paula Dillon 5.0 Unfinished Business 6.0 New Business 220185 Yorktown Reserve Economic Incentive Agreement - Further Amendment Synergy Development requests a further amendment to the previously approved Yorktown Reserve Economic Incentive Agreement. The request would parse the previously approved Tax Increment Financing funding components associated with the Phase I residential redevelopment and the Business District #2 Greenspace/Yorktown exterior improvements. All other provisions of the Agreement would remain in full force and effect. Staff seeks a recommendation from the ECDC for staff and Village Counsel to work with Synergy to prepare a further amended agreement for Village Board consideration. (DISTRICT #3) William Heniff, Community Development Director, provided Village of Lombard Page 1 Economic & Community Minutes April 8, 2024 Development Committee background and an update on the approved economic incentive request by Synergy Development for the former Carson’s Anchor Store and related perimeter of the Yorktown Center mall building abutting the site. He referenced the packet with the approved agreement and the companion First Amendment from December, 2023. He referenced a correspondence from Synergy regarding the project status noting that project financing has been secured and they intend to proceed in short order with the project construction. However, as part of the financing closing efforts, their respective lenders are seeking a further revision which would separate the incentive components (i.e., Tax Increment Financing funding components associated with the Phase I residential redevelopment and the Business District #2 Greenspace/Yorktown exterior improvements). This request is being made as there are multiple lenders associated with the project and they seek to have the project components and funding sources to align with the financing commitments. He stated that the intent is that all other key provisions of the past agreements would remain unchanged. However, from the Village’s perspective, the request would be considered a major change to the previously approved Agreements. Before the developer’s counsel and Village counsel are engaged in crafting a further amendment, staff is seeking concurrence by the ECDC. Dennis McNicholas noted the lender’s role and their attorney’s role in the lending process. He noted the importance in offering clarity in such documents if it were ever to be litigated. Laine Vent Hoff wanted confirmation that the incentive funds approved as part of the original agreement would be the same. Heniff confirmed that statement. On a motion by Ms. Vant Hoff and a second by Ms. Brown, the members unanimously recommended that staff, Village Counsel and the developer create a further amended Economic Incentive Agreement for Village Board consideration. The motion carried by the following vote: Aye: 6- Dennis McNicholas, Matthew Pike, Laine Vant Hoff, Gregory Ladle, Patrick Kennedy, and Lindsay Brown Absent: 2- Garrick Nielsen, and Paula Dillon 7.0 Other Business 8.0 Information Only Village of Lombard Page 2 Economic & Community Minutes April 8, 2024 Development Committee 240102 Village of Lombard Development Update Following past ECDC discussion, Heniff presented the Lombard Development Project Story Map to the Committee members. He noted the past comments by the ECDC to promote development activity occurring in the Village. These tasks are intended to align with the Village Board’s Strategic Plan goals as well as efforts sought by the ECDC members in the discussion of the approved Village grant program amendments. This included advancing the goal of increasing developing an action plan for economic development awareness. The next step resulted in the creation of the Lombard Development News Story Map web page. The benefit of this effort will be the opportunity for residents to receive project updates on a 24/7 basis in a single source format. He referenced that this effort was shared at the Lombard Chamber luncheon, three speaking engagements, and the Public Works & Environmental Concerns Committee and the Public Safety & Transportation Committee. He then went through an overview of the Story Maps, highlighting the format and structure of each of the development project pages. For selected pages, he referenced some of the project content. The goal is to provide real-time information regarding various development projects for multiple audiences - residents, businesses and prospective developers and investors. Staff will add projects as warranted. McNicholas stated that the projects listed in the Story Map tell the story that these projects are a partnership between the Village and the development community, with special consideration to the Yorktown area. Given Lombard’s successes, he asked Heniff if he is aware of other communities that have followed the process Lombard has undertaken with respect to mall reinvestment. Heniff noted that communities follow varying paths. Bloomingdale is acquiring properties at Stratford Square to facilitate its redevelopment, other communities are working on development projects at mall in order to be reflective of market conditions. If malls are not being reinvented, issues may result, and as such Lombard is seeking to be proactive in this effort. In Yorktown’s case, the goal is to create a neighborhood which will draw more interest from retailers. Chairperson Puccio referenced that mall owner Pacific Retail has used Yorktown as a test case in their national marketing efforts. Village of Lombard Page 3 Economic & Community Minutes April 8, 2024 Development Committee Heniff noted that the Village still has some Business District #1 funds available which have to be spent in the District area, and in future months, projects will likely be coming before the ECDC for funding consideration. Other Items: While not on the agenda, McNicholas asked questions regarding traffic and parking matters along East Central Avenue and Stewart Avenue, noting a desire for a stop sign at that location which has higher traffic volumes than at Grace Street. Heniff noted that the Public Safety & Transportation Committee was considering parking matters at that location. 9.0 Adjournment On a motion by Mr. Pike and a second by Mr. Ladle, the ECDC meeting was adjourned at 6:34 p.m. Village of Lombard Page 4