Proposed Retail Development at W. Foster Avenue Edens Collection

Transcription

1 Proposed Retail Development at W. Foster Avenue Edens Collection

2 Introduction of the Development Team Introduction of the Edens Collection Project Tax Increment Financing Designation Overview of Tax Increment Financing Background and Characteristics Boundary Budget Land Use Plan Eligibility of Area Plan Goals and Objectives Q & A Presentation Agenda

3 Development Team The Jaffe Companies Michael Jaffe, President Michael Eizenga, Principal Yeani Yi, Property Director Camburas & Theodore, Ltd. Peter Theodore, President Arch., NCARB Hammerschlag & Co., Inc. John Hammerschlag, President Haeger Engineering Todd Shaffer, Principal DLA Piper Richard Klawiter, Partner W.E. O Neil Construction Mike Faron, Chairman - Chicago Dennis Garlick, LEED A.P. The Laube Companies Michael Laube, Principal Kenig, Lindgren, O Hara, Aboona, Inc. Luay Aboona, P.E. ECS Midwest, LLC Environmental Services David Kwasiborski, CIAQM Michael Bronson, Project Manager 3

4 Developer Past Projects The Arboretum of South Barrington: A 460,000 square foot lifestyle center.

5 Developer Past Projects The Arboretum of South Barrington: A 460,000 square foot lifestyle center.

6 Two-level retail project 143,125 square feet of total retail shop space 516 parking spaces surface and rooftop parking Total number of tenants anticipated: 15 Full traffic signal at main entrance to project on Foster Avenue Heavily landscaped and pedestrian-friendly layout Edens Collection - Highlights

7 Total cost of approximately $60M month construction schedule Opening anticipated to be Fall 2019 LEED-certified development including environmentally sustainable elements and green roofs Estimated 300 construction jobs Construction Highlights

8 Activate a deteriorated and vacant site burdened by extraordinary physical constraints Remediate an environmentally contaminated site Provide a high-quality, LEED-certified development with many environmentally sustainable elements Provide for new public infrastructure improvements including a new traffic signal at the Edens off-ramp and Foster Avenue Community Benefits

9 Provide for high-quality landscaping on-site and other offsite streetscape improvements Enhance the retail and restaurant offerings for the Mayfair/Albany Park Community Provide job opportunities for local community residents Attract numerous sales tax revenue generators for the City of Chicago Additional Community Benefits

10 Past Conditions

11 Past Conditions

12 Past Conditions

13 Existing Conditions

14 Existing Conditions

15 Existing Conditions

16 Edens Collection

17 Edens Collection

18 Bus Stop

19

20 Edens Collection

21 Edens Collection

22 Edens Collection

23 Edens Collection

24 Foster-Edens Intersection: Current Conditions

25 Foster-Edens Intersection: Planned Improvements with Development

26 We sincerely appreciate the opportunity to present our proposed Edens Collection development for W. Foster Ave. We understand the importance of this redevelopment to the neighborhood and have provided what we believe is an exceptional vision for the site. We also understand the importance of partnership and collaboration, and welcome a dialogue to ensure the best solution for all stakeholders. We look forward to working together to successfully redevelop this extraordinary site. Thank You

27 Proposed Foster/Edens Tax Increment Financing (TIF) District September 28, 2017

28 TIF Overview What is TIF? How does it work? What is it used for? 28

29 What is TIF? A financial tool that helps the City focus resources of a blighted area on economic and community development An area must qualify to become a TIF district Define geography Certain factors required by state statute are reviewed Must go through process for approval, which includes this meeting 29

30 How TIF Works? 30

31 What is TIF used for? Economic Development Retail, industrial, commercial Public Infrastructure Streets, lighting, sewers, sidewalks Environmental Clean-up Public/Open Space Job training/recruitment 31

32 Foster/Edens TIF Redevelopment Project Area 232 acres Gompers Park, Former Sunstar Site, Lawrence and Elston Avenue Corridors 32

33 33

34 Budget 1. Analysis, Administration, Studies, Surveys, Legal, Marketing, etc. 2. Property Assembly including Acquisition, Site Prep and Demolition, Environmental Remediation 3. Rehabilitation of Existing Buildings, Fixtures and Leasehold Improvements $1,000,000 $31,000,000 $20,000, Affordable Housing Construction and Rehabilitation Costs 5. Public Works & Improvements, including streets and utilities, parks and open space, public facilities (schools & other public facilities) (Note 1 below) $100,000 $10,000, Job Training, Retraining, Welfare-to-Work $1,000, Relocation costs $100, Day Care $100, Interest subsidy $5,000,000 Total Eligible Redevelopment Project Costs (Notes 2-5 below) $68,300,000 34

35 Land Use Plan The land use plan for the entire area consists of these uses: Commercial Mixed-Use Residential/Commercial Residential Park/Open Space Industrial 35

36 Eligibility Findings State TIF Act Requires 5 of 13 Blighting Factors for an Improved Area 1 of 7 Factors for a Vacant Area Improved Area Has 8 of 13 Factors Vacant Area Has 3 of 7 Factors This Area qualifies under the State TIF Act 36

37 Eligibility Findings Improved Parcels (8 Major Factors) 1. Obsolescence 2. Deterioration 3. Excessive vacancies 4. Inadequate utilities 5. Excessive land coverage and overcrowding of structures and community facilities 6. Deleterious land-use or layout 7. Lack of community planning 8. Declining EAV. Vacant Area (3 Major Factors) Obsolete Platting Environmental Contamination Declining EAV (Comprises 1 Factor) Unused Rail Spur 37

38 Deleterious Land Use and Lack of Community Planning 38

39 Obsolescence 39

40 Vacancies 40

41 Deterioration 41

42 Dilapidation 42

43 Plan Goals and Objectives Eliminate Blight Stimulate Private Investment Create Jobs Increase the Property Tax Base Increase the City s Sales Tax Base Encourage productive use of vacant property 43

44 Proposed TIF Designation Schedule Proposed Action Date Community Meeting September 28, 2017 CDC Introduction October 10, 2017 Joint Review Board Meeting November 3, 2017 CDC Public Hearing December 12, 2017 Plan Commission Land Use Plan Review December 21, 2017 City Council Introduction January, 2018 Finance Committee Review February, 2018 City Council Approval February,