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St. John RDC approves economic development agreement form for Kmart redevelopment with Air Alchemist LLC
Summary
The Town of St. John Redevelopment Commission unanimously adopted a resolution authorizing a form of economic development agreement with Air Alchemist LLC (developer represented by the DeMeo Group) to provide TIF incentives for redevelopment of the former Kmart building.
The Town of St. John Redevelopment Commission on May 28 adopted Resolution 2025-05-28 B, approving a form of economic development agreement among the Town of St. John, Lake County, the St. John Redevelopment Commission and Air Alchemist LLC.
Town Manager Billy described the item as an agreement "between the the DeMeo Group and the town," and referenced the Kmart building, saying "Kmart. The Kmart building." Billy identified the project as eligible for TIF incentives to be granted to the developer under the economic development agreement presented.
A commissioner moved to adopt Resolution 2025-05-28 B and a second was received. A roll-call vote recorded five "aye" votes and no opposition; the motion carried 5-0.
The resolution approves a form of economic development agreement; the meeting record shows no public comments on the item. The resolution as adopted authorizes continuing negotiations and the next procedural steps for finalizing the agreement and any associated incentive documents. The commission did not adopt final incentive disbursement terms at this meeting.
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