Addison LLC Project. Central Business District. City Council and Community Presentation December 6, 2010

Transcription

1 Addison LLC Project Central Business District City Council and Community Presentation December 6, 2010

2 CBD TIF I Original Project Area Established by Ordinance O (With Sales Tax District)

3 TIF I: Adoption Conditions identified at time of adoption - Majority of structures over 35 years in age - Deterioration - Presence of structures below minimum building codes - Excessive land coverage - Deleterious land use or lay-out area - Dilapidation - Depreciation of physical maintenance - Lack of community planning

4 TIF I: Adoption General goals of Redevelopment Plan Create an attractive and interesting place Develop focal points for the entire downtown, emphasizing recreation and leisure activities Create an attractive blend of retail, residential, restaurants, and office spaces Develop an attractive architectural design while maintaining the traditional aesthetics of the community Provide adequate and accessible parking with good traffic flow Ensure that all property in the CBD complies with fire and building safety codes

5 TIF I: Adoption Redevelopment tools to complement TIF Having land that is currently owned by the City available for development Assisting developers in acquiring additional property for contiguous land development Assisting in the relocation of businesses that are displaced by the acquisition of property Providing public improvements which include: Parking/Traffic, Identity/Atmosphere and Upkeep/Aesthetics Entering into redevelopment agreements for the rehabilitation or construction of improvements in accordance with this project.

6 TIF I Completed Projects

7 TIF I: Amended Intergovernmental Agreement With District #205 - Make Whole Agreement - 12 Year Extension (35 Year Life to 2021) - 4 Year Extension of Sales Tax TIF (2013) - Early Release of Nine (9) Parcels

8 CBD TIF I Original Project Area Established by Ord. O Amended Project Area (with nine released parcels in 2004) Approved by Ord. O Amended Project Area (with two released parcels in 2006) Approved by Ord. O Amended Project Area (with one released parcel in 2007) Approved by Ord. O

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10 TIF I Property Tax Increment Released and Remaining Parcels Property EAV Tax 2009 TAX LEVY Increment Rate Increment 2004 Release (9 Parcels) 30,168, $1,471, Release 9,846, , Release 5,114, ,512 Total Released 45,129, $2,201,724 Remaining EAV 35,463, $1,730,147

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17 ADDISON LLC PROJECT Phase I Completed First Street at Larch Avenue Parking Deck (253 Spaces) Larch Avenue First Street

18 With the addition of 253 spaces in the First Street at Larch Avenue Parking Deck, a comprehensive parking analysis was completed and approved providing fair and equitable parking in the Central Business District for consumers, commuters and employees.

19 ADDISON LLC PROJECT Phase II SECOND STREET City of Elmhurst & Addison LLC a Public Private Partnership

20 Thorn Property Update Addison Corridor LLC

21 Original Partnership Agreement: Parking Garage & Ground Floor Retail WEST ELEVATION RETAIL ONLY OPTION

22 FIRST FLOOR PLAN RETAIL ONLY OPTION TYPICAL FLOOR PLAN RETAIL ONLY OPTION

23 Site Plans with Property Lines

24 Parking Garage, Office, Ground Floor Retail Summary Building Height: Parking Stalls: Stall Width: Ramp Slope: 45 Feet +/- 456 Stalls 8-6 Minimum Width 6.2% Slope with Parking (144 Cars) Retail SF Total SF 20,562 SF (9.74% of Total SF) 211,928 SF

25 Another Option: Parking Garage, Office, Ground Floor Retail WEST ELEVATION OFFICE / RETAIL OPTION

26 FIRST FLOOR PLAN OFFICE / RETAIL OPTION TYPICAL FLOOR PLAN OFFICE / RETAIL OPTION

27 TYPICAL FLOOR PLAN OFFICE / RETAIL OPTION

28 Parking Garage, Office, Ground Floor Retail Summary Building Height: 65 Feet Parking Stalls: +/- 638 Stalls Stall Width: 8-6 Minimum Width Ramp Slope: 7.1% Slope with Parking (110 cars) Retail SF: 21,316 SF (7.62% of Total SF) Office SF: 30,458 SF (10.89% of Total SF) Total Office/Retail SF: 51,774 SF (18.52% of Total SF) Total SF: 279,620 SF

29 Next Steps: City of Elmhurst and Addison Corridor LLC to collaborate and finalize size and scope of the project. Proceed with Design Finalize Conceptual Design Complete Permit Documents Obtain Planning & Zoning Variances (if required) 1-2 months 2-3 months 4-6 months