Yorkville aldermen are expected to vote in two weeks on a sale agreement for the Old Kendall County Jail. That was announced at Tuesday night's Yorkville City Council meeting.
Among final discussions have been parking concerns near the jail on W. Madison St. where developers with KCJ Restoration LLC plans to potentially restore the building into a multi-use structure. Plans could include five residential units and commercial space or the group could possibly attract a single-use developer for a boutique hotel or a hospitality concept, pending more market study.
City Administrator Bart Olson says existing parking spots on Madison St. would be about a third on the private property and two-thirds in the right of way. He spoke about some of city staff's proposals.
Olson says he has also spoken with Kendall County Administrator Scott Koeppel about county use of parking spaces for Kendall Area Transit buses for improving what's shown as usable public parking in the area.
The city will sell the jail to the developer for $1,000 and will pay the developer $80,000 in Tax Increment Financing incentive by the end of 2019, once roof repair and asbestos and lead paint removal are complete.
City officials have indicated in past meetings and in documents that $80,000 is what the city would have spent to demolish the building.
The city will also pay the developer $35,000 in TIF incentive only when the proposed units in the building are fully complete.
Total rebates of the property's tax would reach an actual value of $150,000 and Olson said one change that was negotiated on Tuesday is the schedule in which the latter rebate will be paid out.
Olson added to what many aldermen have commented on about securing a viable developer on the property.
Yorkville City Council next meets on August 27th at 7:00 p.m.