Kankakee Times

Village of Bourbonnais Community & Economic Development Committee met March 27.

Here are the minutes provided by the committee:

1. Meeting Opening

Meeting called to order at 3:30 PM by Trustee Jeff Keast

Action, Procedural: A. Roll Call - Trustee Jeff Keast

Members present: Mayor Paul Schore (arrived at 3:34 PM), Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Randy King, Trustee Jeff Keast, and Trustee Angie Serafini. Also in attendance Treasurer Ron Riebe, Attorney Patrick Dunn, Administrator Michael Van Mill, Assistant Administrator Laurie Cyr, Finance Director Tara Latz, Police Chief Jim Phelps, Public Works Superintendent Terry Memenga, Public Works Assistant Superintendent Frank Triveline, Engineer Mike Gingerich (arrived at 3:35 PM) and Admin Assistant Margie Beach. Absent: Trustee Jack Littrell

2. Review & Approve Minutes

Action, Minutes: A. Community & Economic Development Committee Meeting Minutes from February 28, 2024

Motion by Trustee Rick Fischer, second by Trustee Angie Serafini to approve the Community & Economic Development Committee minutes from February 28, 2024, as presented.

Final Resolution: Motion Carried

Aye: Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Randy King, Trustee Jeff Keast, and Trustee Angie Serafini

3. New Business - None

4. Old Business

Discussion: A. PSI Development Agreement Amendment

> Mr. Van Mill explained last year in October the Board approved an Agreement with PSI General Contractors for a development project at Bourbonnais Parkway providing certain incentives in the Enterprise Zone and tax increment finance (TIF funding). The Village proposed a 10 year incentive for each building at 75/25% rebate for years 1-5, and 50/50% split of tax revenue for years 6-10. This is a 54 acre parcel of land that PSI would like to build 4 or 5 - 111,600 square foot flex industrial buildings.

> Since then, PSI has had deliberations and found some additional issues, evaluated other regions regarding incentives provided, and are asking the Village to reconsider the tax increment financing incentive that was previously offered and approved. They are now proposing 5 warehouses with the option of 4 warehouses and one larger warehouse, 75% of 100% of TIF over 10 years starting at completion of first building. Sewer fees included in recapturable expenses in TIF. A packet was provided to the Board for review on marketing materials to get investors and tenants that are being used, along with the request for an amendment to the original TIF Agreement from last year.

> Realtor Jeff Bennett went over the packet of information they found on a comparison study, along with their new request.

> Developer Joda Crabtree spoke in regards to bringing tenants to the area and the competition we have with other communities, and how it will spur development on all 4 quads of the intersection.

> Developer Justin Goselin explained the investment of the buildouts for this type of warehouse buildings could be around $64M, already have $3M invested to date with the purchase of the land.

The Community & Economic Development Committee agreed that the Board will take this under advisement and will discuss again at an upcoming Committee meeting.

Discussion: B. Kankakee Convention & Visitors Bureau - Bylaw and Intergovernmental Change

> Executive Director Nicole Gavin from KCCVB went over the renewal of the Third Extension to an Intergovernmental Agreement, along with the updated Bylaws for this organization who offers services for members from Kankakee County, Village of Bourbonnais, Village of Manteno, and the City of Kankakee. They have gonedown to 4-5 members from 11 Board of Directors.

> This new two-year agreement consists of a CVB membership at a fee of $60,000/year and $5,000 fee per hotel annually to KCCVB, and this Agreement would take effect July 1, 2024 and terminate June 30, 2026.

The Community & Economic Development Committee agrees to move forward with this Intergovernmental Agreement with the Kankakee County Convention & Visitor Bureau, Inc. and legislation be created for the next Regular Board meeting on Monday, April 1, 2024.

5. Public Comments - None

6. Executive Session - Not applicable.

7. Adjournment and Time

Action, Procedural: A. Adjournment Time

Motion by Trustee Rick Fischer, second by Trustee Angie Serafini to adjourn the Community & Economic Development meeting at 4:02 PM.

Final Resolution: Motion Carried

Aye: Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Randy King, Trustee Jeff Keast, and Trustee Angie Serafini

https://go.boarddocs.com/il/vobil/Board.nsf/files/D3XJ264B0384/$file/2024-03-27%20CED%20Minutes%20for%20Approval.pdf