===== PDF PAGE 1 ===== [Extraction: embedded PDF text] WHERE HISTORY & PROGRESS MEET Economic Development Commission Tuesday, January 28, 2025 - 10:30 a.m. West Chicago City Hall Committee Room B 475 Main Street, West Chicago, IL 60185 A G E N D A 1. Call to Order 2. Roll Call 3. Public Comment 4. Approval of the October 22, 2024 Meeting Minutes 5. 2024 Annual EDC Report 6. Discussion of Loan Program Participation 7. Staff Report 8. Commissioner Reports 9. Adjournment – Next Meeting Tuesday, April 22, 2025 at 10:30 a.m. 475 Main Street T 630.293.2200 Ruben Pineda MAYOR West Chicago, F 630.293.3028 Illinois westchicago.org MichaelCITY ADMINISTRATORL. Guttman 60185 ===== PDF PAGE 2 ===== [Extraction: embedded PDF text] DRAFT 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 3 ===== [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 Draft Minutes Page 2 of 3 ===== PDF PAGE 4 ===== [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 Draft Minutes Page 3 of 3 ===== PDF PAGE 5 ===== [Extraction: embedded PDF text] WHERE HISTORY & PROGRESS MEET 2024 ANNUAL REPORT TO THE CITY COUNCIL ECONOMIC DEVELOPMENT COMMISSION In accordance with Chapter 2, Article VI, Division 10, Section 2-282 of the Code of Ordinances, the Economic Development Commission hereby submits this annual report to the City Council summarizing its activities from 2024. The Commission was established in 2022 to advise and make recommendations to the City Council on economic development policy and issues that advance the economy and prosperity. During the year 2024, one commissioner resigned due to increased travel impacting their ability to attend meetings. The Commission met four times during 2024 (January 23, April 30, July 23, and October 22) where the following were completed: • The Downtown Investment Program recommendation was made to City Council; • Revisions to the Downtown Retail & Restaurant Business Grant Program was forwarded to City Council; • An Economic Development Work Plan was created for 2025-2027 with associated recommendations for the budget. 475 Main Street T 630.293.2200 Ruben Pineda MAYOR West Chicago, Illinois F 630.293.3028 Michael L. Guttman 60185 westchicago.org CITY ADMINISTRATOR ===== PDF PAGE 6 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO ECONOMIC DEVELOPMENT COMMISSION AGENDA ITEM SUMMARY ITEM TITLE: AGENDA ITEM NUMBER: 6 Loan Program Participation COMMISSION AGENDA DATE: 01/28/2025 STAFF REVIEW: Kelley Chrisse, AICP, CEcD SIGNATURE ITEM SUMMARY: In November 2024, the City Council adopted the Downtown Investment Program, which requires the grantee to pay in full for the approved project and then seek reimbursement from the City. Some applicants for the grant may find it difficult to obtain financing to cover the full cost of the project. This topic is being presented for consideration to determine if the City should evaluate partnering with local financial institutions to provide better access to capital for the full cost of improvements eligible under the Downtown Investment Program. Some communities have implemented programs, which include: • La Grange Park – partners with Central Federal Savings & Loan Association to provide reduced rates • La Grange – had a program through FNBC Bank & Trust to provide a low-interest loan to the applicant that was backed by the Village • Hampshire – partners with Resource Bank to provide three options for reduced rates specific to the Façade Improvement Assistance grant ACTION PROPOSED: Staff is looking to gauge interest in crafting and/or City participation in loan programs.