TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Ordinance Proposing the Creation of a Business District in the City of Joliet, Will and Kendall Counties, Illinois, and Fixing the Date and Time for a Public Hearing in Connection with the Same (Rock Run Collection Business District)
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BACKGROUND:
The 2022 Redevelopment Agreement for the Rock Run Collection development included the creation of a Business District to generate revenue to repay the bond used for the installation of the infrastructure at the site. This ordinance is the first step in the process and schedules the required public hearing on June 16, 2026. The City utilized the services of SB Friedman to conduct the eligibility study and prepare the business district plan. The timing on the creation of the district is so that it is in place just prior to retailers operating as the district may only be created for a maximum of 23 years.
The proposed business district consists of the commercial/retail areas of the Rock Run Collection development except for Hollywood Casino. The Hollywood Casino parcels do not meet the eligibility to be included in the District. The proposed district would levy additional 1% sales tax and 1% hotel/motel tax within the boundaries of the district to fund payments on the bonds
This item will be reviewed by the City Council on May 19, 2026
CONCLUSION:
This item is to schedule the required public hearing on the creation of the Rock Run Collection Business District can be created.
RECOMMENDATION:
recommendation
It is recommended that the Finance Committee recommend that the Mayor and City Council approve an Ordinance Proposing the Creation of a Business District in the City of Joliet, Will and Kendall Counties, Illinois, and Fixing the Date and Time for a Public Hearing in Connection with the Same (Rock Run Collection Business District)
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.