The Waukegan City Council has approved the use of its Casino Revenue Fund and the TIF 8 Increment Fund to support the redevelopment of properties at 200 N. County Street and 38 Genessee in downtown Waukegan. The project aims to introduce 26 new market-rate residential units.
According to the Waukegan City Council agenda for its June 2 meeting, the Waukegan Community Development Partnership and 38 N. Genessee will collaborate with the City of Waukegan on a financial incentive agreement to redevelop the former YMCA site. This development will include 19 new residential units and 6,700 square feet of shared commercial space. Additionally, the building at 38 N. Genesee is set to receive six new residential units and 3,000 square feet of commercial/retail space. The estimated cost for the project at 200 N. County is $3.7 million, while the cost for the 38 N. Genessee project is estimated at $1.65 million.
The city council has agreed to provide incentives totaling $1.725 million, according to the agenda. This includes up-front development assistance amounting to $900,000 in cash for the 200 N. County component from the Casino Revenue Fund. The developer must demonstrate ownership and financing capabilities, as well as detailed sources and uses of funds that show how incentive funds will be applied to project costs alongside other funding sources.
Long-term incentives include an $825,000 TIF increment note issued upon approval of a final certificate of occupancy for the 200 N. County project but paid out over TIF 8's remaining lifetime through 2037. According to the agenda, this note will not bear interest, and no school contributions will be deducted from this long-term incentive.
Additional incentives in the agreement include a complete waiver of city building permit and inspection fees for both projects at 200 N. County and 38 N. Genesee streets. Furthermore, according to the agenda, Waukegan Community Development Partnership will receive 19 monthly parking passes in the city's parking garage at a cost of $35 per permit for five years.
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