Kane County approves amendment to accept $407,000 in St. Charles housing trust funds for Carroll Tower senior redevelopment

The Kane County Development Committee approved an amendment Tuesday to accept $407,000 in St. Charles Housing Trust Funds to support redevelopment of the Carroll Tower senior housing complex in downtown St. Charles.

Josh Beck, identified in the record as Office of Community Reinvestment staff, told the committee the county has partnered with the city since 2018 to pool developer-paid local housing trust fund dollars with the county’s affordable housing fund. He said the city previously allocated $425,000 to the county’s affordable housing fund in 2018, of which the county has spent about $278,000 on single-family redevelopment, leaving about $147,000 available.

For approval the county was asked to accept an additional $407,000 from St. Charles. Beck said roughly $400,000 of that would assist the Carroll Tower redevelopment; the county’s contribution to the overall Carroll Tower financing package will include $558,000 from county treasury funds that must be spent by September 30, while the remaining balance of the project budget would come from the city of St. Charles. Beck described some federal funds as part of the overall project budget as well.

County Board member Linder moved approval; Arroyo seconded. The roll call recorded Daugherty, Iqbal, Linda (recorded as “Linda”), Leonard and Berman voting “yes”; Williams recorded an abstention. The motion passed with the recorded abstention.

Beck confirmed the Office of Community Reinvestment charges an origination fee of 2.5% on projects managed with the City of St. Charles. The committee’s action authorizes staff to finalize the agreement amendment so the developer can proceed with project financing and redevelopment work.