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Purpose
Background
Current Status
Water Street Development Proposal
Get Involved
Purpose
The City of Naperville approved the creation of a Tax Increment Financing (TIF) District for the Water Street Area in December 2007.
Background
In 2002, the City Council authorized the undertaking of a TIF Feasibility Study for the Water Street Area. This study was completed by Kane McKenna and Associates and presented to the City Council in July 2004. The study found that the Water Street Area qualified for eligible expenditures, including public improvements, to be funded under the TIF Act under the "conservation area" definition.
The TIF study was initiated to explore options to finance expenses associated with a mixed use redevelopment proposal consistent with that anticipated by the Water Street Vision Statement. At the time the TIF study was received by the City Council in July 2004, there were no active development proposals for the Water Street Area.
The Water Street Vision Statement was adopted by the City Council on November 6, 2006. The Vision Statement defines the future character of the Water Street Area by providing guidance on elements of design and encourages consolidated redevelopment. The Vision Statement addresses design variables related to the private redevelopment of the Water Street District such as architectural style, pedestrian atmosphere, and building scale, as well as public improvements including the extension of the Riverwalk, uniform streetscape improvements, an underground stormwater management system, and public parking.
In 2006, the City Council received a request to update the TIF study by Marquette Properties and Moser Enterprises. This request was approved by the City Council on March 7, 2006.
The updated TIF reports were transmitted to the City Council on March 6, 2007 and discussed at a City Council workshop on April 23, 2007.
The City Council received follow-up information from the workshop at their May 15, 2007 City Council meeting.
On September 4, 2007, the City Council continued the discussion from their August 21, 2007 and took the following actions:
Received the draft TIF Redevelopment Plan; Directed Staff to present a resolution for the September 18, 2007 City Council meeting, establishing November 20, 2007 for the TIF public hearing; and Endorsed representatives for the Joint Review Board (JRB).
Copies of the associated agenda items and a copy of the draft TIF Redevelopment Plan are provided below.
On September 18, 2007, the Naperville City Council adopted Ordinance 07-213, which convened the Joint Review Board (JRB) and established the date for the public hearing as November 20, 2007 in association with the proposed Water Street Tax Increment (TIF) District.
The first Joint Review Board (JRB) meeting was convened on Thursday, October 4, 2007. The board's first order of business was to select the public member, whereas Brien Nagle was appointed. Next, Peter Burchard, the municipal representative, was elected to serve as the board chairperson. Following a joint presentation by city staff and the consultant, the board commenced deliberation.
The Joint Review Board reconvened discussion on October 15, 2007 at 1:30 p.m. After the meeting was called to order, the representatives discussed the TIF Redevelopment Plan and Project; and a) how it met the objectives of the TIF Act, b) the plan requirements, and c) eligibility criteria. After board deliberation, three individual motions were made recommending the TIF Redevelopment Plan and Project qualifies with the above criteria, resulting in positive recommendation for the TIF. A copy of the JRB Report is provided below.
In accordance with the established schedule, a TIF Public Hearing was held on Tuesday, November 20, 2007 at 7:00 p.m., in the Council Chambers of the Naperville Municipal Center. A copy of the associated City Council memorandum and October 4, 2007 TIF Redevelopment Plan is provided below.
The formal public hearing for the Water Street TIF District was opened on November 20, 2007. The hearing began with a presentation by city staff, which provided an overview of the proposed Water Street TIF District. Following the presentation, public comments were taken and City Council discussion occurred. The public hearing was then closed and the City Council made a motion directing staff to prepare ordinances establishing a TIF District for the December 4, 2007 City Council meeting.
Ordinances creating the Water Street TIF District were approved on December 4, 2007.
Current Status
The Water Street TIF District was approved by the City of Naperville in December 2007. Reports for each fiscal year will be created for the duration of the TIF.
The Illinois State Statute requires each TIF District to conduct an annual meeting of the Joint Review Board (JRB). The 2010 meeting will be conducted on Wednesday, November 17, 2010 at 1:30 pm. A copy of the agenda is provided below.
Water Street Development Proposal
The Water Street Preliminary P.U.D. proposed by Marquette Property Investments Inc, was approved by the City Council on November 6, 2007.
Get Involved
If you or your organization would like to register on the Interested Parties Registry please complete the Water Street TIF Registration Form (PDF 12 KB). Rules governing this Registry can be viewed at Water Street TIF Interested Parties Registry Registration Rules (PDF 25 KB). Public Notice Establishing the Water Street Registration Registry (PDF 15 KB).
Project updates will continue to be made available on this Web page throughout the duration of this project.
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