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Trustees approve redevelopment agreement with Park Gateway LLC; TIF gap cited at $5.6 million
Summary
The Village of Hanover Park Board approved a redevelopment agreement with Park Gateway LLC for 1830 Lake Street and authorized use of TIF financing, with staff saying SB Friedman Associates identified a $5.6 million financing gap the TIF increment is intended to address.
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…
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