TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Resolution Amending and Authorizing the Execution of an Amended and Restated Development Agreement with Cullinan Joliet, LLC for the Rock Run Crossing Development Project Area
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BACKGROUND:
In 2022, the City approved a development agreement to transform acreage at the intersection of Interstates 55 and 80 in Joliet into a premier mixed-use destination. The project included significant infrastructure improvements to support long-term growth and accessibility, including the addition of a full interchange at I-55 and Route 59 and the construction of a bridge over Rock Run Creek. The City issued $100 M in GO bonds to finance public improvements. Since 2022, the developer completed the interchange, some site infrastructure, the casino, industrial uses, and a Chipotle. Construction is ongoing on a 264-unit apartment project.
In 2026, the City has the opportunity to update the agreement in order to strengthen its position and capture the full potential of the Rock Run development in Joliet. The amendment reflects an opportunity to secure a major destination anchor tenant and accelerate the overall project timeline. It is structured to better protect the City by tying incentives to actual performance, shifting more risk to the developer, and incorporating independent financial analysis to guide decision-making. These updates are designed to enhance long-term economic impact, increase regional draw, and ensure the project delivers sustained benefits for the community.
CONCLUSION:
The amended agreement is expected to accelerate development of the site generating $237M in total revenue for the City of Joliet.
RECOMMENDATION:
recommendation
It is recommended that the Mayor and City Council approve a Resolution Amending and Authorizing the Execution of an Amended and Restated Development Agreement with Cullinan Joliet, LLC for the Rock Run Crossing Development Project Area
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