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COMMUNITY DEVELOPMENT MEMORANDUM <br /> NO. 96-140 <br /> August 13, 1996 <br /> TO: Honorable Mayor Terry M. Howley and City Council Members <br /> FROM: George C. Weaver, Director of Community Development � <br /> SUBJECT: Ordinance Amending Enterprise Zone Boundary <br /> Enclosed for your consideration is an ordinance that amends the enterprise zone boundary. <br /> Approval of the boundary amendment will facilitate the redevelopment of the Osco Drug Store at <br /> Cantrell and 16th Streets. The project will result in the demolition of the current Jewel/Osco <br /> structure, redevelopment of a new Osco on two of the five acres, and result in additional <br /> development opportunities on the balance of the site. Estimated cost for the drug store <br /> construction and fixturing is $2.5 million. The project will result in 30 FTE jobs. <br /> Approximately ten jobs will be full time. <br /> Passage of the ordinance will permit the application to be forwarded to the State of Illinois for <br /> their approval. Staff will be present to answer any questions. <br />