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Village approves inducement resolution to enter 120-day exclusive talks with Church Street Brewing for 217-219 N. Walnut (Downtown North TIF)
Summary
The Village of Itasca board approved an inducement resolution on Aug. 6 to enter an exclusive 120-day negotiation and due-diligence period with Church Street Brewing Company LLC for redevelopment of 217-219 N. Walnut Street and to permit possible reimbursement of TIF-eligible pre-development costs if a redevelopment agreement is later executed.
The Village of Itasca Board of Trustees on Aug. 6 approved an inducement resolution allowing the village to negotiate exclusively with Church Street Brewing Company LLC for 120 days over redevelopment of village-owned property at 217-219 North Walnut Street and to permit reimbursement of tax-increment-financing (TIF) eligible pre-development costs if the parties later execute a redevelopment agreement.
The inducement resolution (Resolution No. 1555-24) states the village's intent to work exclusively with Church Street for 120 days to determine whether to enter a redevelopment agreement for a brewery, distillery and food operation at the site and notes that both parties may incur…
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