Geneva aldermen recommend OK of nearly $70K TIF project for Isaac’s Upholstery

GENEVA – Geneva aldermen on Sept. 6 recommended approval of an almost $70,000 tax increment financing redevelopment agreement with Isaac’s Upholstery and Furniture, 830 E. State St., to assist the business owners with continued improvements to the site.

Acting as the Committee of the Whole, aldermen voted unanimously to recommend approval of a Phase 1 Redevelopment Agreement for the restoration of Simpson Street parkway and private property parking lot improvements. The total cost will be $69,828.50, documents show.

A tax increment finance district is an economic development tool that dedicates sales tax revenue and additional property tax revenue generated within the district to pay for improvements.

Yvette Cortez, the daughter of Isaac who founded the business in 1976, purchased the business and property in 2017. She is the CEO and designer. Cortez and her husband expanded product lines, improved services and reorganized workspace, Economic Development Director Cathleen Tymoszenko said.

“The property is within the East State Street Redevelopment TIF 2 … established in 2000. And it is coming to a termination soon since it is a 23-year TIF,” Tymoszenko said.

The project’s goals include improving the quality of life, eliminating deterioration/obsolescence and improving the streetscape, Tymoszenko said.

“Helping to maintain the character and meet the needs of a modern district are the ones I would highlight,” Tymoszenko said.

The Simpson Street work will include the installation of a sidewalk, curb, sod and parkway trees at an estimated cost of $15,910 to come from the TIF 2 Special Allocation Fund, according to the agreement.

It also provides for a reimbursement of $52,918.50, which is just more than 60% of the private property project costs for asphalt for the parking lot, documents show.

The parking lot currently is gravel, with parking on the city parkway, which is below minimum code standards, Tymoszenko said.

Isaac’s has to make the parking lot improvements first, then seek reimbursement, according to the agreement.

This level of funding is needed to secure improvements that meet minimum code standards, with a few exceptions to be reviewed by Planning and Zoning for future City Council determination.

Tymoszenko said this is a first step in assisting the owners in moving their project along with other improvements.

“I think that Geneva will be fortunate to continue to have Isaac’s as a stable business in this area,” Tymoszenko said. “We are not investing in a business. We are investing in a site and a property that will continue to be there, even if I’m wrong and the business doesn’t continue.”