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Board ratifies TIF pledge agreement for HPI Tasca Station LLC at 115-125 Orchard
Summary
The board ratified a tax-increment financing (TIF) pledge agreement executed June 24 for HPI Tasca Station LLC under a redevelopment and financing agreement approved in November 2023 and waived a second reading to take final action.
The Itasca Village Board on July 1 ratified a tax-increment financing (TIF) pledge agreement executed June 24 by Mayor Jeff Prine for HPI Tasca Station LLC, covering property at 115–125 Orchard. The ratification followed staff recommendation and stemmed from a redevelopment and financing agreement (RDA) approved Nov. 17, 2023.
Trustee Gavanas presented the item and moved to ratify the pledge agreement, waive the second reading and take final action. The board approved the resolution by roll call; Trustees recorded affirmative votes and Trustee Christiansen was absent. Gavanas noted the resolution was included in the meeting packet; the board did not read the full text aloud during the meeting.
The action ratifies the mayor's execution of the pledge consistent with the RDA; board members said staff and legal offices expedited review to meet the project timeline.
