Orland Park trustees back term sheet to pursue Dick’s Sporting Goods redevelopment at Orland Square

Orland Park trustees recommended that the village board approve a term sheet with Dick’s Sporting Goods to pursue redevelopment of the former Sears parcel at Orland Square Mall, the Committee of the Whole decided after a presentation and Q&A. The term sheet is nonbinding and outlines incentive payments and performance conditions; staff and Dick’s representatives said further negotiation is intended before a final redevelopment agreement is presented to the board by mid-September. The term sheet calls for an initial incentive of $6,000,000 to assist Dick’s with acquisition of the former Sears parcel and total TIF-eligible payments not to exceed $6,800,000. Ed Lillo, village staff, said the village intends to make the initial payment on or before Jan. 31, 2026, and that the incentives would be used partly to induce Dick’s to redevelop and partly for regional…