Politics & Government
Geneva Looks at Dynamic Downtown Stimulus Plan
The Business District Improvement Plan is part of a multilayered approach to revitalizing Geneva's downtown.
City officials Monday night will examine a provocative, multi-layered plan to boost the city's Downtown Business District.
The City Council's Committee of the Whole will look at a combination of proposals that could engage some shock-and-awe weaponry in the city's assualt on vacancies in the South Third Street as well as the State Street corridor—from the East Side to the West.
Geneva's present Downtown Business District is set to expire in 2013. According to documents provided in the city's agenda packet, the Geneva Economic Development Commission has come up with a Business District Improvement Plan which could provide additional authority as well as a number of powerful revenue tools to stimulate downtown business.
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Among them is imposing an additional 1 percent sales tax and using the revenue for public improvements.
According to the report, pressing needs of the district include:
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- attention to landscape aesthetics
- additional parking
- improved pedestrian circulation and sight lines
- upgrade of utilities, fire and life safety building improvements
- preservation of historic buildings
"The commission believes that additional sales tax can be imposed without producing a counter‐productive competitive environment and will not affect the long term viability of the downtown," the report says.
The city also could consider a "layered solution" that includes establishment of a new Tax Increment Financing District as well as an additional Special Services Area to help pay for the maintenance of public parking lots, sidewalks and beautification.
The city has applied for a small-cities grant that could help pay for a $25,000 evaluation study and Redevelopment Plan that would examine specific properties and outline possible actions the city might take to "incentivize development."
Why This Approach?
According to the Economic Development Commission report, these significant events have affected downtown:
- Increased competition from other communities and the maturation of the Randall Road retail district.
- Reduced customer base due to loss of over 600 daytime jobs in the downtown area because of relocation of Kane County courts/government offices, hospital and clinic facilities and their respective clientele.
- Evolution from daily needs retail businesses into a tourism destination, resulting in loss of a grocery store and office supplies business for examples. Half of all businesses in the proposed district are not open later than 5 or 6 p.m., contributing to the situation where the district is not collectively generating sufficient revenues.
Downtown Vacancy Rate
The report says about 200 retail goods/restaurant businesses operate within the proposed Downtown Business District and collectively generate 20 percent of the city’s annual sales tax revenue.
The overall downtown retail vacancy rate is 15.9 percent or about 132,000 square feet of vacant retail space.
Almost half of the retail vacancies are in six buildings:
- US Bank Building — 20,985 square feet
- Mill Race Inn — 15,000 square feet
- Merra Lee Shops — 13,118 square feet
- 302 W. State — 7,534 square feet
- 7 W. State — 7,140 square feet
- 22 N. Third — 4,864 square feet
Total: 68,641 square feet
About 23 percent of the office space in the Central Business District is vacant, including:
- 477 S. Third St. — 11,657 square feet
- 10 W. State St. — 7,946 square feet
- 524 W. State St. — 7,705 square feet
- 28 N. First St. — 7,589 square feet
- 611 E. State St. — 5,015 square feet
- 501 W. State St. — 4,149 square feet
- 514 W. State St. — 4,815 square feet
Total: 53,876 square feet
The city's Committee of the Whole meets at 7 p.m. Monday, Feb. 27, at Geneva
