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Shorewood board votes to negotiate development agreement for 19‑unit affordable project at Oakland Avenue after heated public hearing
Summary
After hours of public testimony and questions about parking, outreach and project financing, the Village Board voted 5–2 to direct staff to negotiate a development agreement with Spiro Commercial LLC for a 19‑unit affordable housing project at 4448–4450 N. Oakland Ave., contingent on state and federal awards.
The Village of Shorewood on March 16 voted to direct staff to negotiate a development agreement with Spiro Commercial LLC for a 19‑unit affordable housing project proposed at 4448–4450 North Oakland Avenue, after an extended public hearing and trustee questions about financing and neighborhood impacts.
Baker Tilly municipal advisors presented a phase‑2 review of the developer’s application and concluded the developer has the managerial and financial capacity to pursue the project, while noting two material changes from phase 1: a newly required elevator that raised estimated construction cost and a 30‑year capitalized supportive‑services reserve. "Based on the information we have at this time, we did not raise concerns with the developer’s capacity to complete this project," Baker Tilly’s Dave Erdman said during the presentation.
The review also flagged two technical…
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