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Developer proposes expanding TIF 7 to build Steger Road and unlock mixed retail, multifamily and industrial development
Summary
Venture 1 Real Estate proposed extending TIF 7 east of Cicero Avenue to finance a $4–5 million Steger Road connection that the developer says would enable up to 200 multifamily units and additional industrial space; trustees requested further community meetings and scheduled follow‑up outreach.
Mark Goode, representing Venture 1 Real Estate, told trustees the key to unlocking development on roughly 200 acres is building Steger Road from Cicero Avenue to Governors Highway and bringing the site into TIF 7 so incremental tax receipts can reimburse road financing.
Goode estimated the roadway would cost $4–5 million and said payback to the developer (or village if it borrows) could range from about five to 11…
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