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Yorktown Center Business Investment Grant Program
The Community Development Department has received a request from Pacific Retail Capital Partners (PRCP), the owners of Yorktown Center, seeking utilization of funds generated in Business District #2, as well as funds from the Butterfield-Yorktown TIF District. The proposed program would establish up to $6 million in capital-improvement reimbursement grants to attract businesses, fill vacant space and support qualifying expansion at Yorktown Center.
Staff recommends establishing a new Business Investment Grant Program to support tenant attraction, business expansion, and redevelopment within Yorktown Center. The program is designed to incentivize permanent capital improvements that "run with the property." As new businesses occupy and improve tenant spaces, those investments strengthen the overall quality and competitiveness of Yorktown Center.
The proposed program would create a standardized, predictable incentive framework that replaces individual incentive negotiations while maintaining project-level review and financial oversight. The program is intended to help close financing gaps, strengthen Yorktown Center's competitiveness, and support recruitment of up to 25 prospective businesses currently being pursued by the property owner.
Staff is recommending approval of this program for the following reasons:
• Represents a strategic reinvestment in Yorktown Center, one of Lombard’s key commercial areas.
• The investment will remain with the property by supporting permanent improvements to tenant space, ultimately increasing the overall value of the mall.
• Supports long-term Revitalization goals.
• Leverages TIF resources to catalyze private development that would otherwise be difficult to achieve.
• Increase foot traffic and therefore potential shoppers. (DISTRICT #3)
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