Funding

If the surface parking at the train station can be utilized, then Omnia can be built without any cost to the taxpayers.

 

This could be done through a TIF (Tax Increment Financing). If your home is located within a designated TIF area, you will pay NO MORE in property taxes than if you lived outside of the TIF area. This is a very important fact to understand. The City determines the designated TIF area.

 

No present home sites will be disturbed under the current plan. The Omnia plan does not suggest any taking, modification, or use of land north of Fifth Avenue, except that owned by the City. It does not suggest any demolition or acquisition of the old Kroehler Factory landmark. The only change will be on the existing City/Metra parking lots.

 

The great advantage of the TIF at this location is that currently there is no development or tax assessment on the City’s parking lots. This land is underutilized. With development of this current vacant land, all of the tax monies generated would underwrite the development of that area, which would include a multi-level underground parking garage.

 

The plan is to replace all current surface parking, to more than double the number of parking spaces, and to place it all underground where it is weather-protected. It is clear the City needs more commuter parking, especially weather-protected. The eight-to-nine-year waiting list is an embarrassment and a deterrent to potential home owners.

 

The demand for Metra commuting is growing. More citizens should be able to have permit parking if it is physically and fiscally feasible to do so. Busses are one solution, but not the only one. Encouragement of commuting should be a goal of the City.

 

Further, Omnia would like to see all surface parking on the City-owned lots removed and replaced with condos and homes.

 

The condos would have their own underground parking and be of an affordable price range, something that our City needs. Omnia envisions commuters residing there, empty nesters who would like to live near downtown Naperville, and seniors who would enjoy the central location lifestyle, as well as students and instructors at North Central College.

 

The entire project will be of “green” design.

 

It should be mentioned that the Omnia board is in no way a developer and does not receive monies from anyone other than donors who have contributed to the Omnia project.

 

All of the figures have been studied and substantiated by William Blair and are quite detailed. The City has casually seen the figures and we request they meet with our consultants to review the studies in full detail.

 

Currently there is a City study to determine the best use of this area. A sensible option would be a performing arts center, a doubling of underground parking, without any cost to taxpayers to build and without any cost to operate.