Naperville council to vote on plans for Riverwalk

Naperville's city council paved the way for commercial development along the city's prized Riverwalk Tuesday.

Developers presented plans at a council workshop for several buildings that would line the riverfront along the one block stretch of Water Street, just east of city hall. The buildings -- some as tall as five stories -- would house retail shops, restaurants, condominiums, offices and possibly a theater of some type.

Developers from Marquette Builders and Moser Enterprises are also seeking a tax increment financing district designation for the area that would help pay for some of the $23 million in expected infrastructure costs. The council's preliminary approval of the design plans will likely help the case being made for the special taxing district.

The council is expected to vote officially on the development design at its Nov. 6 meeting. Councilmen will hold a public hearing on the taxing district designation at their Nov. 20. meeting. Final approval for the development could come as early as December, city officials said.

The council agreed in principle to a number of technical issues regarding the project at Tuesday's workshop. A slim majority agreed to support the developers' Riverwalk expansion proposal for the development. Currently, pedestrian access is limited in this area of the Riverwalk. The developers' proposal creates a public walkway and allows access to and from the new development. Councilmen Doug Krause, Kenn Miller, John Rosanova and Grant Wehrli supported the plan along with Mayor George Pradel. Councilmen Richard Furstenau and Bob Fieseler opposed it. Councilmen Darlene Senger and James Boyajian were absent.

The same five agreed with the proposal's call for five-story buildings.

"Financially, there's zero profit at less than five stories," said Nick Ryan of Marquette Builders.

One of the easier decisions for the group was in regards to a public/private venture that would build a 550-space parking deck. Some councilmen wanted a smaller deck to keep adjacent streets wider, but the majority wanted as many parking spaces as possible at the deck.

The city has agreed to pay for $6 million for the deck, which is estimated to cost more than $12 million. Some of the cost would be offset by funds generated by the new taxing district, while the rest would likely come from a planned 1.5 percent food and beverage tax hike at downtown bars and restaurants.

Because the new taxing district is estimated to generate only between $4 million and $8 million over its 23-year life span, city officials and developers are still working on a funding agreement for the remaining public improvements. That is expected to be determined in the coming months as well, city officials said.