Deerfield trustees approve Fenpoint land‑use changes and a development agreement with completion guarantees

The Village of Deerfield Board of Trustees on Feb. 3 approved a package of land‑use measures for the Fenpoint redevelopment at 5 and 8 Parkway North, clearing a comprehensive plan amendment, rezoning to a general residential R‑5 district, a final PUD plan and a development‑agreement resolution that addresses lender requirements.

The approvals matter because they authorize a phased residential development and lock in negotiated protections for the village. Ben (staff) told the board lenders sought an 18‑month tolling period before they would assume developer obligations; to address that request, "the applicant has agreed to provide a completion guarantee" and the project contractor also offered a completion guarantee, Ben said. That structure delays lender obligations for 18 months but gives the village a contractual path to complete unfinished buildings if the developer defaults.

Trustees approved the four consecutive items by roll call. The sequence began with the ordinance amending the comprehensive‑plan future land‑use map for the parcels, followed by rezoning the properties from I‑1 to R‑5, the special‑use and final PUD approvals for the Parkway North Center, and finally a resolution approving the development agreement for Parkway TIC 1 LLC and Parkway TIC 2 LLC. Each motion passed on recorded roll calls with affirmative votes from trustees present.

Developer representatives said they have worked closely with staff and counsel to reach the agreement and plan to begin demolition, grading and other horizontal work first. A developer spokesperson said the team is "pushing really hard" to start vertical construction and hoped to begin delivering units in late summer 2025, noting the project will be phased.

The development agreement and PUD tie village land‑use approvals to the negotiated guarantees and to the order of approvals the village requires before permits are issued. Officials said the lender tolling and completion guarantees were the primary negotiation points in the last month and a half and that staff recommends the approvals as presented.

Next steps: With the approvals in place, the developer will pursue permits and the village will monitor compliance with the development agreement as construction proceeds.