Council Approves Largest Regional Shopping Center in Sycamore's History

February 6, 2006-Monday night the City Council voted unanimously to approve annexation and rezoning for "Sycamore Crossings" as petitioned by First Rockford Group.  The approved development consists of 82.148 acres located at the northwest corner of Peace Rd. and Illinois Route 23. 

Of the 82.148 acres, approximately 65.245 acres will be dedicated as "C-3" Highway Business for commercial development.  This should yield roughly 450,000 square feet of commercial space.  While the format of the stores will resemble developments First Rockford has completed in DeKalb, the size of the development will compare with CherryVale Mall in Rockford.  The remaining 16.903 acres are zoned "R-2" Two-Family Residence and will be located at the west end of the property.

The developer will be responsible for improvement of the property and public infrastructure improvements.  First Rockford requested City assistance in the form of a sales tax rebate over an eight year period to offset the costs of offsite improvements.  The agreement will take effect two years after the first 50,00 square feet of retail space is opened and operating. 

All existing types of fees will apply to the development, including impact fees and a the City-imposed real estate transfer fee is approved by referendum in March. 

To view the entire City Council Agenda for the February 6, 2006 meeting click here.(pdf)