YORKVILLE – The former office building for the Kendall County Farm Bureau may be one step closer to becoming a mixed commercial and residential building.
The Yorkville City Council voted, 7-0, to approve a tax increment financing, or TIF, inducement resolution for the building at 111 E. Van Emmon Street in the city's downtown during the council's meeting on Tuesday, Nov. 12 at City Hall. Ward 2 Alderman Joe Plocher was absent from the meeting.
Yorkville Mayor John Purcell said the resolution doesn’t include any commitment from the city or the developer on what exactly they want to do with the property. He said it sets the property up to be eligible for a TIF agreement in the future.
"I'm excited to have activity that's going on in downtown," Purcell said. "I think we all are."
The update comes after city economic development officials discussed the project and resolution during the city's Nov. 5 committee meeting.
Shawn La Brasseur, one of the developers for the project, said the current plan is for the lowest sub-grade level of the building to be commercial space for either a gastropub, distillery, brewery or something else along those lines. He said he envisions ten residential rental units being in the building, with the first floor having one-bedroom apartments and the second floor to be penthouses.
La Brasseur, who was present for the vote during the City Council meeting, said the contract for the building is still under attorney review with current building owner Imperial Investments. He said he anticipates having results for lead and asbestos inspections for the building back by the end of this week and, if that goes well, they're set to close on the building by Nov. 25.
La Brasseur said he foresees eventually asking the city for TIF funds but it's still unclear exactly how much he'd request from the city. He said he's pleased about the Tuesday, Nov. 12 vote and he'll present more concrete plans for the building once he gets final numbers back from contractors.
"I'm not too sure what's involved next, but I'm excited," La Brasseur said.