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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 years depending on interest rates and future development. "If we expand TIF 7 east of Cicero Avenue, that would allow the property then to take advantage of the money that is going into a fund being paid by Amazon and Ryerson sitting there that needs to be used in the TIF 7 area," he said.
He described a "live‑work" vision for the site with retail at Steger and Cicero, a 26‑acre multifamily parcel (an estimated 200 units) and industrial buildings on parcels less suited for residential use. Goode said the developer is willing to build the road and be reimbursed via TIF proceeds or to work with the village on financing. He emphasized the market challenge: "Nothing happens here until this road gets built," he said.
Several trustees and residents expressed concerns about expanding industrial uses, truck traffic near potential multifamily, preservation of commercial corridors and the need for community outreach. Trustee comments urged more public meetings; Goode agreed to return for a town hall and provide handouts and a community presentation on dates to be scheduled in the fall.
The board did not take an immediate vote; it agreed to move follow‑up to a workshop and a town‑hall presentation so residents could review plans and ask detailed questions.
