The riverfront in downtown Yorkville is going through some big changes.

With a $4.3 million downtown revitalization project on the horizon, redevelopment in prime buildings is starting to take shape.

City officials shed some light on a potential Tax Increment Financing (TIF) assistance plan to spur redevelopment of the Greiter Building, located adjacent to Southbank Original Barbecue.

The building is currently under contract with The Williams Group who have expressed desire to redevelop the site. The site previously held a glass and auto manufacturer.

The City Council passed a resolution during its May 12 meeting, agreeing if any future TIF deal is approved, the company would receive reimbursements from this point in time.

Any final future TIF decision must be approved by the City Council.

City Administrator Bart Olson said The Williams Group would like to redevelop the Greiter Building similar to how they’ve redeveloped other properties in downtown Yorkville over the past few years.

Olson said this resolution does not “commit” the city to provide TIF incentives or any other incentives to the project, but keeps the door open.

“This resolution protects their ability to get TIF incentives on project expenses that they will incur soon at a later date if City Council approves the future TIF incentive,” Olson said during the meeting. “

This means any project expenses, including engineering, design, or legal costs incurred by the developer would be reimbursed by a likely TIF agreement.

TIF districts are designed to provide financial incentives to spur development of blighted or underdeveloped properties by diverting increases sales or property taxes generated by the property back into site improvements. A TIF can last up to 23 years.

Opponents of TIFs argue they result in higher taxes on other property owners to make up for the lost generated tax revenue the property would have normally sent to public schools, libraries, and city-funded departments.

Developers will often refuse to move forward on redeveloping a property unless a city guarantees financial incentives. Developers often argue redeveloping blighted sites can be too expensive to improve with private dollars alone.

Mayor John Purcell said “some positive can come from this,” because the city has utilized TIF districts to successfully redevelop some properties in town that required a sizable amount of investment.

“I know we’ve done some other TIF agreements and some of those have worked out real well,” Purcell said. “Projects they’ve done have worked out fantastic.”

The Williams Group has not yet made public their plans for the site.

Olson said any future TIF agreement would need to have the dollar amount and type of assistance negotiated by the city. Any final redevelopment plans on the property must also be approved by the City Council.

Piece of a larger project

The city has already taken strides toward its $4.3 million downtown Hydraulic District renovation project.

Last year, the city was awarded a $3 million Illinois Transportation Enhancement Program grant to revitalize the area, including new pedestrian and bike paths, improved safety features and aesthetic improvements, like outdoor lighting and decorative pavers and entryways.

The improvements are part of the Streetscape Project, which city planners hope will someday spur mix-use residential and commercial developments near the Fox River.

A music stage, an events plaza, and renovated businesses and walkways are all part of the vision for a rejuvenated downtown district.

With the $3 million grant, the city is investing $1,310,300 in matching funds for the multi-year project, according to city documents.

Engineers are creating a one-way street with a multi-use, pedestrian and bicycle path along East Hydraulic Avenue. A sidewalk is being extended along Mill Street and Heustis Street out to East Van Emmon Street.

A hardscape fence barrier with landscaping elements is likely being placed near the railroad tracks.

Before construction begins, the area is undergoing an environmental hazard cleanup to remediate soil pollution from decades of agricultural and industrial usage of the FS Property in the downtown district.

A large portion of the downtown area currently features a public parking lot, which was first paved in 2000.

As part of the rejuvenation project, the parking lot would be scaled-down with expanded parking spaces placed in adjacent areas, including along the river.

City staff currently are estimating the first letting for the multi-year project to be in November 2028.