GENEVA – Aldermen recommended approval of a consultant contract with SB Friedman Development Advisors for $27,460 Sept. 16 to evaluate the Southeast Master Plan area for its feasibility as a tax increment finance district.
A tax increment finance district is a development tool where tax dollars are diverted for public improvements such as roads and sewers, as well as other purposes as the law allows.
The Southeast Master Plan includes land south of Route 38, north of Fabyan Parkway, west of the Kane and DuPage County line and east of Kirk Road.
The area is undeveloped land which the city's Comprehensive Plan recommends for light industrial and commercial development, officials said.
Acting as the Committee of the Whole, aldermen voted 8-2 in favor of recommending the contract with 5th Ward Alderman Robert Swanson and 3rd Ward Becky Hruby voting against it. The City Council will take final action.
The project is expected to secure approximately eight industrial buildings of 2.6 million square feet and spur commercial development at the intersection of Route 38 and Kirk Road, officials said.
The proposed work to determine eligibility includes fieldwork, analysis of conditions, preparation of documentation and support with designation procedures, officials said.
The work is divided into phases so the city would not incur additional expenses if the project parameters are altered, officials said.
Economic Development Director Cathleen Tymoszenko said the proposal “is a pretty standard proposal” with various steps stated separately for the purposes of transparency.
“I think this is the best way to do it,” Tymoszenko said. “That is why we are proposing it this way. … We are not paying up front. We can stop at any of these phases.”
City Administrator Stephanie Dawkins said staff would come back to the council with results of the SB Friedman study.