Wheaton projects need city's help

Bringing new businesses to Wheaton is one of the main priorities of the city, but the question for some time now has been how to do it.

City council members learned Monday that they may have to be more willing to put city money and resources on the table to accomplish redevelopment goals.

The two main focus areas for the coming years are downtown and the east end of Roosevelt Road heading out to Glen Ellyn.

The revamping and re-opening of the Wheaton Grand Theater is the city's pet project to catalyze interest in the downtown. But the past six months from the theater haven't seen much progress.

City staff members reported Monday that the theater is considering changes in both its financing company and financing options. That may include asking the city to finance the project through general obligation bonds.

That would be a much more risky proposition for Wheaton residents than any financing plan discussed for the theater up to now. General obligation bonds are backed by the credit and taxing power of the city.

Councilman Howard Levine said he wouldn't vote for general obligation bonds for the project.

However, council members Liz Corry and John Prendiville both said they'd be open to considering the idea.

"I think the theater is such an important element to downtown," Prendiville said. "It would be the final piece to the puzzle. I'm very much in favor of working with them to make this happen. If that's what it takes to work, I'd be in favor of it. I think the risk would be minimal."

Roosevelt Road is the other area where the city may have to get more financially involved than ever before in redevelopment.

Staff members told the council Monday that the east end of Roosevelt is plagued by shallow lots with multiple owners and poorly maintained multi-family housing. Staff said it's unlikely private redevelopment will occur in the area on its own.

Unless the city wants to use more aggressive incentives like tax increment finance money, or streetscape improvements and targeted solicitations, nothing may change for another 20 years, staff members said. Any changes may severely detract from the limited supply of affordable housing in the city.

City staff members will now work on some specific plans about at least improving the look of Roosevelt Road.