ST. CHARLES – An amendment needed to facilitate the redevelopment of Charlestowne Mall was passed unanimously through an omnibus vote Monday evening by the St. Charles City Council.
The city’s planning and development committee last week supported the concept approved Monday.
The current Charlestowne Mall PUD, which was formed in 1988, requires approval of a new PUD in order to make any building modifications and add new buildings.
The contract purchasers of the property, SC Main 3800 LLC, have indicated they plan to construct freestanding structures, such as banks or restaurants, along East Main Street.
Other proposed modifications may include changes to the “ring road” around the mall, removal of the former Sears store and changes to the exterior.
Proposed plans also call for more prominent front entrances with pedestrian-oriented streetscaping, according to meeting documents.
Mayor Ray Rogina said the closing date with the proposed developers will likely be sometime mid-November. Following a closing date, he said the council likely will start crafting incentives. He said he has been “very pleased” with how the city staff and proposed developers have been working together through the process so far.
In other business, council members approved an ordinance to issue no more than $5.5 million in general obligation bonds for various infrastructure improvements around the city, including weatherizing the City Hall building and improving drainage at Tyler Road and Main Street.
Finance Director Chris Minick said all of the improvements were considered during the budget process.
He said he expects interest rates to be around 4 percent. He said while interest rates are slightly higher than they were a few months ago, they’re still more reasonable than they have been.
“Keep in mind, these are historically extremely low rates,” he said.