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Mundelein approves amended redevelopment deal, agrees to invest land and waived fees in Village Hall project
Summary
Mundelein trustees on March 24 voted unanimously to approve an amended and restated redevelopment agreement and related ordinances and resolutions that let Flannery & Collins move forward with a 225-unit apartment and 17-townhouse project on the Village Hall site.
Mundelein trustees on March 24 voted unanimously to approve an amended and restated redevelopment agreement (RDA) and several companion measures to move forward with the redevelopment of the Village Hall site by Flannery & Collins Development.
The board approved a package that includes an RDA amendment, preliminary and final plats, a parking license, transfer/assumption and operating agreements, and ordinances authorizing tax-increment-financed (TIF) revenue notes to help close a financing gap for the 225-unit multifamily building, 17 townhouses and a reserved retail pad on the site.
The RDA amendment changes the structure of closing rather than requiring a traditional cash sale. "In lieu of receiving cash at closing, the village is really investing this vacant property into the project," said Matt Norton, special counsel on real estate…
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