Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment topic
No spam. Unsubscribe anytime.
Board OKs up to $4.3 million taxable bonds for Main Street parking garage tied to TIF
Summary
Trustees approved issuance of up to $4.3 million in taxable general obligation bonds tied to a redevelopment agreement for construction of a parking garage in the village's Main Street redevelopment area; Andrea said repayment will come from that building's TIF increment or developer payments if shortfalls occur.
The Village Board approved a taxable bond authorization not to exceed $4,300,000 to finance TIF-eligible construction of a parking garage associated with the Reserve at Hudson Crossing redevelopment.
Andrea explained the bonds are an extension of an existing redevelopment agreement and that repayment will come from increment generated by the building; if increment is insufficient the developer could pay the shortfall directly or the village could use a special service area mechanism to recover the amount on property tax bills. She said the repayment is not coming from general-village funds.
Trustees moved and seconded the ordinance authorizing the taxable general obligation bonds; roll call recorded unanimous approval.
