Village board approves sale of Oakland Avenue lot to developer contingent on tax credits and development agreement

The Village of Shorewood on Monday approved an offer to purchase village-owned parcels at 4448 and 4450 North Oakland Avenue for an affordable-housing redevelopment, but only if the developer secures tax-credit financing and a formal development agreement is executed. The motion passed 5–1.

The sale clears a step the village manager said is needed for the developer to complete a Phase 2 public assistance application and to let the developer undertake due diligence required for a tax-credit application. Village Attorney Christopher Baer described the clauses the village will require as “standard relatively standard clauses” to protect the municipality if the financing or market conditions change.

Why it matters: The parcels are among several village-owned parking lot sites that the Village and its Community Development Authority (CDA) have evaluated as possible locations for affordable housing. Approving the offer lets the developer move forward with tax-credit applications and development planning; any final sale and public financial assistance will require a later development agreement returned to the board.

The board discussion focused on safeguards and timing. Some trustees urged a nominal sale price to reduce the developer’s subsidy need and preserve TID extension funds for other uses; others opposed lowering the price. Trustee Christine Stokerbrand said she could not support the sale now because of neighborhood and transit concerns. President McCaig and other trustees said the board is obligated to continue the process while preserving conditions that protect taxpayers.

Key details and next steps: The developer’s concept application is expected in December 2025; a full tax-credit application would follow in March 2026, with awards determined in May 2026, according to staff. The board approved the offer “contingent upon a clause being included that vests land only upon [the developer] being awarded the tax-credit financing or other similar financing, and the execution of a development agreement that commits [the developer] to building the affordable housing project.”

Price and financing: During the meeting a speaker referenced the developer’s written offer amount as $33,731; a number of residents and trustees questioned the land valuation and urged caution. The board did not change the offered amount at Monday’s vote; the conditional sale moves forward to the next steps in the financing process.

The board vote was 5 in favor, 1 opposed. The final development agreement and any public financial assistance would return to the board for approval.