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Lisle board backs TIF-extension work and hires SB Friedman for Family Square review, urges EDC input on inducement
Summary
Village Manager Cook told the Committee of the Whole on Nov. 3 that Flaherty and Collins submitted a letter of intent to redevelop the Family Square property and staff sought direction on a downtown TIF extension, an inducement resolution and hiring SB Friedman for financial review.
Village Manager Cook told the Committee of the Whole on Nov. 3 that Flaherty and Collins submitted a letter of intent to redevelop the Family Square site at the southeast corner of Ogden Avenue and Main Street and that staff is asking the board for direction on three preliminary steps: extend the existing downtown TIF district, draft an inducement resolution, and engage SB Friedman Development Advisors for an independent financial and TIF review.
Cook said the LOI contemplates a mixed-use project with roughly 224 market-rate rental units, more than 13,000 square feet of commercial space and 90 public parking spaces as currently proposed, and he noted an error in the LOI about demolition timing; the developer clarified demolition would be tied to approval of an RDA rather than to zoning. Cook…
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