Investor 
closes on Polo property: City waits to sign incentive package

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POLO – Developers looking to lure a national retailer downtown have closed on the purchase of the storefront at 107 E. Dixon St. at a price of $200,000.

The city, meanwhile, has finalized negotiations with Chicago-based MillCo Investments for tax increment financing incentives the City Council plans to offer the developers.

Under the name 107-Eastdixon-Polo, LLC, MillCo bought the defunct auto parts store  – now home to the Fluff ’N Fold coin laundry and two other businesses – 2 weeks ago amid negotiations with the city for a series of property tax incentives.

Negotiations are complete, and the city has a final 14-page draft of the agreement, but the council decided Monday night to shelve the deal until its next meeting because of minor changes sought by attorneys for MillCo.

City attorney M. Thomas Suits said he foresees no substantial changes to the deal before the next council meeting on July 20.

According to the terms, the city plans to reimburse MillCo for up to $200,000 in property tax revenue generated from the $539,000 in improvements that MillCo plans to put into the building.

The city also plans to bring MillCo into its tax increment financing district, making it the second such project since the district was created in January of last year.

Representatives for MillCo, which has developed storefronts for such companies as McDonald’s, Blockbuster and Walgreens, have said they already have a tentative agreement with a national general merchandise retailer. They have declined to identify the business at the retailer’s request.

City officials, too, have repeatedly declined to identify the interested retailer, citing ongoing negotiations with MillCo.

City discusses flooding issues

POLO – The City Council on Monday discussed creation of a storm water mitigation plan in response to several requests from property owners who frequently experience flooding      during heavy rain.

■ Adjusted water rates from $3 per 100 gallons to $4.50 for customers who buy at a bulk rate. The change will not affect typical residential customers.

■ Approved mayoral appointments for the 2009-2010 fiscal year, including the addition of Ted Boddiger and Ron Bardell to the Zoning Board of Appeals. Those are the only changes from this year’s appointments.

Making those zoning appointments fills two vacancies on the board.