Shodeen’s 1 North Washington project has come back, yet again, to the City Council and is on Tuesday night’s COW agenda.
Apparently, Shodeen ran into trouble getting a loan for the apartments because the TIF District is set to expire before the $16 million bonds do. After Shodeen’s delays and then the soil contamination delay, the expiration dates’ timing is no surprise, but is suddenly now a problem.
The options they are looking at are:
1. Extend the TIF District by adding another 12 years to the current 23 (35 years total to tie up taxes). This could be a problem because all taxing bodies have to agree, and the school district voted against the original TIF formation. The City would also need the approval of the state legislature (interesting they have the support of State Senator DeWitte, who only represents a tiny portion of Batavia between the river and Randall, south from Fabyan about half way to McKee; Sen. Oberweis represents the rest of Batavia)
2. Eliminate then re-establish the TIF District–but this gives them ONLY another 23 years from the clock reset.
3. Leave the TIF alone and let Shodeen dictate new parameters, again refashioning the project so it works for him, or RE-MARKET THE PROPERTY TO OTHER DEVELOPERS. The City can cut their losses without penalty if they walk away from Shodeen now.
Staff is recommending extending the TIF another 12 years.
There are a number of new aldermen on the Council, so what they will decide is anyone’s guess. Let the City Council know what you think they should do. Please try to attend the meeting Tuesday night, 3/3/20, 7pm. If you cannot make the meeting, you can email them, using the button to the right.