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 asked for direction so staff could begin the technical work and, if directed, bring an inducement resolution and an SB Friedman engagement forward for board action.

Trustees generally supported pursuing a TIF-extension process (allowed under state law for up to an additional 12 years), but they split on the inducement resolution’s specificity. Several trustees said they would support a generalized inducement resolution that signals the village is willing to work with a mixed-use concept but should not be drafted in language that binds the village to the developer’s LOI. Trustee Duffy said the inducement “is a signal” but that he needed stronger commitments from the developer, noting prior extensions and concerns that demolition and other developer milestones be clear before the village signals firm approval. Trustee Olsen urged that inducement language either reference a required EDC review or that the project go to EDC before any detailed inducement is finalized. Manager Cook said inducement resolutions can be as specific or general as the board wishes and stressed that the RDA would be the binding document that ultimately controls any incentive arrangement.

On the professional review, staff requested authority to engage SB Friedman to review development financials, TIF forecasts and finance structures; the proposal in the packet requested authorization of up to $65,000 in professional fees. Board members signaled concurrence with hiring SB Friedman to provide that review and to assist with the TIF-extension process.

A public commenter, Susan Cyril, alleged the developer had contributed to Mayor Mullin’s campaign and suggested the developer was seeking $14 million from taxpayers; Cyril’s remarks were not substantiated during the meeting and no developer representative was present to respond. Trustees instructed staff to route a draft inducement resolution that is more generalized and to ensure EDC review or input before the board considers a resolution that would be specifically tied to the LOI.

Next steps: staff will begin the technical work to pursue a TIF extension with the Joint Review Board, prepare a draft of a generalized inducement resolution for board review (with EDC involvement), and proceed to engage SB Friedman for independent financial review. Final incentive terms and any demolition timing will be determined in a subsequent RDA negotiation if the board proceeds.