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Waukegan committee approves up to $50,000 amendment to SB Friedman development advisory contract funded from TIF 8
Summary
The committee authorized an amendment to SB Friedman Development Advisors LLC’s agreement for expanded development advisory services, not to exceed $50,000 charged to Lot B within TIF 8; the scope includes financial analysis and negotiation support for developer selection.
The Waukegan Community Development Committee on Monday approved a resolution amending the professional services agreement with SB Friedman Development Advisors LLC for an expanded scope of development advisory services, with fees not to exceed $50,000 and charged to Lot B of TIF 8.
City staff said the original contract covered the RFQ phase only; the amendment covers additional services now that proposals were received and some firms were invited back for further consideration. Staff said the work will be billed on an hourly basis and used only for specific tasks such as financial analysis and negotiation assistance; the city expects the final cost could be less than the $50,000 cap depending on needed work.
Alderman Bolton confirmed the funding source was TIF 8 (Lot B). The resolution passed by roll call vote; all committee members voted in favor.
The amendment will be implemented by Economic Development and Finance; staff will execute the contract amendment and submit invoices to Finance for review per existing procurement procedures.
