By Madhu Mayer
Though it sounds good on paper, the City of Joliet could be on the hook for a $103 million general obligation bond issue to fund the Rock Run Crossings commercial development at I-55 and I-80.
The bond issue will be used to fund roads, water mains and other infrastructure improvements, such as the construction of an upgraded interchange to provide access to I-55, as part of the Rock Run Crossings development.
Since the project has been on Joliet’s radar since 2008 as the city has been trying to find an appropriate development project for the large site, only Regal Cinema in 2019 has committed to opening a theater on premises. Developed by Cullinan Properties, the plan is to have restaurants, hotels, medical offices, multi-family homes, stores and other businesses on the 300-acre regional site fronting I-80 and I-50 corridor that sees more than 200,000 cars passing daily. Rock Run Crossings is located near a 350-acre business park and warehouse and distribution center hub. Hollywood Casino has been rumored to relocate its Joliet operations there.
James Ghedotte, Joliet’s finance director, admitted the city would have to pay the difference of the bond issue if the development does not accrue enough tax dollars from sales and property taxes on the development.
The City Council Tuesday unanimously approved the agreement with Cullinan Properties by a vote of 6-0 as Larry Hug and Jan Quillman were not in attendance at the meeting.
“This is different than anything we ever voted on,” admitted Pat Mudron, a council member.
His colleague on the City Council, Bettye Gavin, agreed, admitting the proposal gave her “heartburn” during negotiations. But in the end, Gavin said she supports the project as she believes it is beneficial to Joliet.
“This has been a rough one,” she said. “But I am excited about the project and has always been excited about it.”
Mayor Bob O’Dekirk said he is glad to see the project move forward.
“This has been a long process that took five to six years to get here,” he said. “Prior to Cullinan stepping up, there was a very viable investor that came forward who wanted to (build a trucking business), but the City Council voted that down with an idea there was a better use for the site.”
Margie Jackson, who lives in the east side of Joliet, said the City Council action taken Tuesday makes no sense to her.
“This isn’t a development like a Costco, which is a sure thing,” said the grandmother of two and a lifelong Joliet resident. “If this development is not successful, we as taxpayers are going to be stuck paying for it. The way inflation and the economy is now, who has the extra dollars to shop in stores or go to restaurants. This is not a good fit for Joliet, unless the developer is willing to pay all the costs upfront.”
