===== PDF PAGE 1 ===== [Extraction: embedded PDF text] ECONOMIC DEVELOPMENT COMMISSION October 22, 2024 – 10:30 a.m. 1. Call to Order Chairperson Beles called the meeting to order at 10:34 a.m. 2. Roll Call Roll call found Chairperson Beles, and Commissioners Harms, Espinosa, Johnson (arrived at 10:40 a.m.), and Moran present. With four members present at the start of the meeting, a quorum was established. Aldermanic Liaison Joe Morano and Economic Development Coordinator Kelley Chrisse were also in attendance. 3. Public Comment None. 4. Approval of the July 23, 2024 Meeting Minutes Commissioner Moran made a motion to approve the July 23, 2024 Meeting Minutes, which was seconded by Commissioner Espinosa. The motion passed unanimously via voice vote (Commissioner Johnson had not yet arrived). 5. Recommendation for the Downtown Investment Grant Program Ms. Chrisse explained that the changes discussed at the prior meeting had been incorporated. Without any further questions, Commissioner Espinosa made a motion, which was seconded by Commissioner Moran, to Recommend approval for the repeal of Ordinance 4301 and deletion of Chapter 4, Article VI. Façade Program in its entirety with the following vote: Ayes: Beles, Harms, Espinosa, and Moran Nayes: N/A (Commissioner Johnson had not yet arrived.) The motion passed. Commissioner Espinosa made a motion, which was seconded by Commissioner Moran, to Recommend approval of the proposed Downtown Investment Program with the following vote: Ayes: Beles, Harms, Espinosa, and Moran Nayes: N/A (Commissioner Johnson had not yet arrived.) The motion passed. Commissioner Espinosa made a motion, which was seconded by Commissioner Moran, to Recommend a budget request for FY 2025 in the amount of $125,000.00 from the ===== PDF PAGE 2 ===== [Extraction: embedded PDF text] Downtown TIF #2 Fund, supplemented with funds from the General Fund until such time as the TIF Fund has sufficient revenues to cover the approved budget for the Downtown Investment Program with the following vote: Ayes: Beles, Harms, Espinosa, and Moran Nayes: N/A (Commissioner Johnson had not yet arrived.) The motion passed. 6. Recommendation for the Retail & Restaurant Grant Program Ms. Chrisse described how the only substantive revision from the last meeting was to allow existing retailers & restaurants to participate with a reduced grant award. Without any questions, Commissioner Espinosa made a motion, which was seconded by Commissioner Moran, to Recommend approval of the proposed Downtown Retail & Restaurant Grant Program with the following vote: Ayes: Beles, Harms, Espinosa, Johnson, and Moran Nayes: N/A The motion passed. Commissioner Espinosa made a motion, which was seconded by Commissioner Moran, to Recommend a budget request for FY 2025 in the amount of $30,000 from the Downtown TIF #2 Fund supplemented with funds from the General Fund until such time as the TIF Fund has sufficient revenues to cover the approved budget for the Downtown Retail & Restaurant Grant Program with the following vote: Ayes: Beles, Harms, Espinosa, Johnson, and Moran Nayes: N/A The motion passed. 7. Recommendation for the 2025-2027 Economic Development Work Plan Ms. Chrisse reiterated that this plan is used to advance many of the goals and objectives outlined in various planning documents adopted by the City Council and support budget requests. Without any questions, Commissioner Moran made a motion, seconded by Commissioner Espinosa, to Recommend acceptance of the proposed 2025-2027 Economic Development Work Plan. The motion passed unanimously via voice vote. 8. Consideration of the IFA C-PACE Program Ms. Chrisse provided an overview of the Illinois Finance Authority’s Commercial Property Assessed Clean Energy Program. Commissioners requested additional information including: 1) how the rates of this program compares to market rates; 2) if there is a pre-payment penalty; 3) if this program be used with tax credits; 4) an overview of the process for using this program; and 5) an outline of the City’s responsibilities. This item will be brought back to the Commission at a future meeting. Economic Development Commission October 22, 2024 Minutes | Approved January 28, 2025 Page 2 of 3 ===== PDF PAGE 3 ===== [Extraction: embedded PDF text] 9. Approval of the Meeting Schedule for 2025 – No concerns were raised with the regular meeting schedule as presented. 10. Staff Report – Ms. Chrisse provided updates on businesses within the community to include the opening of Kamila Cakes, Mexican Style Boxing Club, Estrella de Mar and Cool Party Balloons all in the downtown & on Main Street. Additional updates included the opening of West Chicago Taverna (a European fusion restaurant) and Dane’s Games (board and card game store) on Neltnor Blvd, as well as the opening of 5 Points Haunt (the McCabe Family’s now commercial haunted house) in the former nightclub space at the former bowling alley on Roosevelt Rd. Other updates include: the expected build-out of the bowling alley into a family entertainment center is anticipated to be open in about a year; the former Shell station will be redeveloped but has not yet been scheduled for the Plan Commission; insufficient electrical capacity is limiting the ability for property in the Roosevelt Rd-Fabyan Pkwy TIF District; and there was a grant application submitted for aesthetic and safety improvements, as well as service upgrades, on Main Street. 11. Commissioner Reports – None 12. Adjournment – Commissioner Harms made a motion to adjourn, which was seconded by Commissioner Espinosa. The motion passed unanimously by voice vote. The meeting was adjourned at 11:33 a.m. Respectfully Submitted, Kelley Chrisse, Economic Development Coordinator Economic Development Commission October 22, 2024 Minutes | Approved January 28, 2025 Page 3 of 3