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Planning committee recommends Lot 8 TIF carve‑out and revised district note to aid Class A apartment development
Summary
Trustees voted to recommend a redevelopment agreement and TIF note carve‑out for Lot 8 in the Higgins Hassell TIF district, enabling up to $8 million in pay‑as‑you‑go reimbursements (phase 1 up to $5M, phase 2 up to $3M) with a 95/5 developer/village split on the Lot 8 carve‑out; staff and developers said school impacts should be minimal and first TIF receipts likely in 2028–29.
The Planning, Building & Zoning Committee on Nov. 24 recommended that the village board approve a redevelopment agreement (RDA) carving Lot 8 out of the Higgins Hassell TIF District and a related TIF note structure to support a Class A multifamily project.
Staff presenter Kevin Kramer described the proposal as a pay‑as‑you‑go arrangement that reimburses the developer only from the increment generated on the carved‑out parcel. The proposal would allow up to $5,000,000…
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