The Village of Hanover Park Board on a roll‑call vote approved a resolution authorizing the village manager to execute a redevelopment agreement with Park Gateway LLC for property at 1830 Lake Street. The resolution authorizes use of Tax Increment Financing (TIF) to support the project, with staff and the developer describing a $5.6 million gap between projected development costs and revenue that SB Friedman Associates, the village’s TIF advisor, reviewed.

Village staff explained the $5.6 million figure is the developer’s requested TIF assistance and that SB Friedman worked with the developer to evaluate project financials and found a gap based on the proposed plan and anticipated sale price for units. Staff said any TIF reimbursement is limited to TIF‑eligible expenses and is generated from the increment produced by development on the site.

Developer representatives presented a short video and slides showing design details, parking, landscaping and public amenities. Mike Morasco identified himself for the record as a presenter. The plan includes a minimum of 70 guest parking spaces (the redevelopment agreement initially suggested 74 but the RDA sets a minimum of 70 and allows up to 78), two‑car garages for units, and a corner public amenity that the park district has agreed to accept as a prairie area; the developer said the homeowners association will maintain the prairie going forward and the park district retains oversight.

The developer also said an emergency access easement has been agreed with Ignite, an assisted‑living provider adjacent to the site, and that police and fire would be able to access the site via Lake Street with a Knox box arrangement. Board members asked whether landscaping and other site work would be bid locally; the developer said materials are often sourced directly from nurseries but the project plans to source labor locally where possible and encourage subcontractors to hire Hanover Park residents and businesses.

Trustees asked whether the finite remaining term of the TIF district would permit recovery of the requested incentive; staff responded SB Friedman considered the years remaining and concluded the increment could cover the verified gap within the TIF lifespan using TIF‑eligible expenses. Staff offered to make developer slides and a short 3‑minute, 13‑second site drive video available in the meeting packet.

The resolution passed on the record. Trustees and the developer said they expect to start site work and construction‑fence installation in early March weather permitting; the developer noted billboards that had been in place were removed after December 31 as previously promised.