By Megann Horstead | For The Bugle
The City of Joliet is getting a new gas station at the southwest corner of Route 53 and Emerald Drive.
Joliet officials approved a series of measures to satisfy this aim at an Oct. 3 city council meeting.
The project includes a fueling center, convenience store, and beer and wine retail store.
Part of the council’s approval secures a sales tax rebate agreement to develop the 14.6 acres of property. The site in question sits near an intersection for which improvements will be required by Speedway.
Speedway will receive a 50-percent sales tax rebate effective for a 10-year period. The money generated is anticipated to amount to $310,000.
TIF feasibility study OK’d for former Sliver Cross Hospital property
Also at the meeting, officials reviewed a proposal to analyze the former Silver Cross
Hospital property for tax increment finance district feasibility to help spur redevelopment.
The site in question is slated for demolition, with the exception of the 60,000-square-foot special care pavilion. Joliet officials are looking to implement a TIF district to include the remaining property and adjacent parcels for redevelopment.
The council, in conjunction with hospital officials, has been trying to develop a strategy to assist in future marketing efforts and land use.
Joliet officials intend to enlist the consulting services of S.B. Friedman to take on the project.
The city will pay $31,125 for the fees and scope of service for work performed. That amount puts S.B. Friedman in a position to receive funds consistent with previous work completed for Joliet on the Presence-Saint Joseph and downtown TIF amendment.
Several unincorporated parcels are included in the proposed TIF feasibility study. The city intends to survey the owners regarding annexation. If no interest or willingness is presented, those parcels will be removed from the proposed TIF development area.
TIF development agreement with Stadium Club OK’d
Joliet officials advanced a measure that intends to form an agreement to develop the property 141 E. Jefferson, which is also known as Stadium Club.
The building is owned by the city, and it is made up by a three-story structure and basement space.
Joliet officials previously approved a project that will allow up to 11 multiple family units along with commercial space. Since that time, the city and Stadium Club, LLC have been working to put together a tentative agreement.
The city intends to use a public partnership to allow the project to proceed. Joliet has three other downtown residential developments impacted by the state of the housing market. To help finance the effort, the deal includes a combination of grant funds and TIF rebate.
Development costs amount to an estimated $1,894,2000. The project conforms to the city’s downtown development plan, which encourages residential and commercial activity.
The owner intends to allot $1,492,200, or 78.9 percent, to pay for construction. That means a city TIF grant, valued at $300,000, and a pending Joliet City Center Partnership grant request, valued at $100,000, are needed to advance the project.