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File #: 220185    Version: Name:
Type: Development Project Status: To Be Discussed
File created: 5/17/2022 In control: Economic & Community Development Committee
On agenda: Final action:
Title: Synergy Construction (Yorktown Reserve) and Pacific Retail Capital Partners (PRCP) Economic Incentive Agreement Status update and further discussion and consideration of an Economic Incentive request to provide performance based funding, based upon the following funding sources and eligible costs: 1. Butterfield Road/Yorktown Tax Increment Financing (TIF) funds to cover eligible performance based costs associated with the redevelopment of the property at 175 and 230 Yorktown Shopping Center (former Carson’s anchor retail store and a portion of the existing JCPenney parking lot) for a two Phase multiple-family residential (apartment) redevelopment project, as provided through the Village of Lombard Economic Incentive Policy; and 2. Butterfield Road Yorktown Business District #2 funds to provide funding for the demolition and redevelopment of the existing Carson’s anchor retail store with common area greenspace improvements and with associated parking and pedestrian enhancements, as w...
Attachments: 1. 220185_230 Yorktown Shopping Center Mall, 2. Synergy PRCP EI Introduction, 3. 220185_ Synergy Construction and Pacific Retail Capital Partners (PRCP) Economic Incentive - Update Memorandum

Title

Synergy Construction (Yorktown Reserve) and Pacific Retail Capital Partners (PRCP) Economic Incentive Agreement

Status update and further discussion and consideration of an Economic Incentive request to provide performance based funding, based upon the following funding sources and eligible costs:

 

1.                     Butterfield Road/Yorktown Tax Increment Financing (TIF) funds to cover eligible performance based costs associated with the redevelopment of the property at 175 and 230 Yorktown Shopping Center (former Carson’s anchor retail store and a portion of the existing JCPenney parking lot) for a two Phase multiple-family residential (apartment) redevelopment project, as provided through the Village of Lombard Economic Incentive Policy; and

 

2.                     Butterfield Road Yorktown Business District #2 funds to provide funding for the demolition and redevelopment of the existing Carson’s anchor retail store with common area greenspace improvements and with associated parking and pedestrian enhancements, as well as requisite exterior mall construction activities, as provided for by the Village’s Business Retention Economic Incentive Policy.

 

The ECDC will be requested to make a recommendation to direct staff and Village Counsel to draft an incentive agreement for Village Board consideration.

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