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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 (phase 1) and $3,000,000 (phase 2) in reimbursements (a combined not-to-exceed $8,000,000) with interest at 6% compounded annually. Kramer said the TIF district itself remains in place through Dec. 31, 2035 (taxes payable in 2036) and that if the developer does not purchase the land by March 1 the agreement becomes void.
Trustees pressed staff and the developer’s representatives on student-generation estimates and the proposed 95%/5% split for Lot 8. Developer counsel Michael Purcell said outside consultants estimate at most six students across the two nearby school districts once the project is built and leased; Purcell also noted that the first TIF revenue from Phase 1 likely would not appear until 2028–29 because of Cook County timing. Kramer said the 95%/5% split reflected that the developer would carry most of the development risk and that the village expected fewer TIF-eligible projects in the district’s remaining years.
Staff also presented a parallel item to terminate an existing redevelopment agreement and reissue a new note for the remaining TIF area with a proposed 75/25 split (developer/village) after administrative deductions; the committee recommended that action as well. Trustees directed staff to bring both the zoning/site-plan items and the RDA/TIF note items to the full board next week for final action. The committee voted in favor by voice; one trustee recorded a "present" vote.
