Maywood trustees approve TIF extensions and consent to Greenwood Transfer sale
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Summary
On Dec. 29, 2020, the Village of Maywood Board of Trustees voted unanimously to approve an omnibus package that extends two TIF districts for 12 years and authorizes Greenwood Transfer LLC’s stock sale to Lakeshore Recycling Systems with the buyer assuming obligations under the village’s Host Community Benefit Agreement.
Maywood trustees voted unanimously Dec. 29 to approve an omnibus package that extended two tax increment financing districts for 12 years and authorized the sale of Greenwood Transfer, LLC to Lakeshore Recycling Systems, LLC, with the buyer assuming obligations under the village’s Host Community Benefit Agreement for the transfer facility at 1201 Greenwood Avenue.
The motion to approve Omnibus Agenda Items A–H was moved by Trustee A. Sanchez and seconded by Trustee N. Booker; the board recorded aye votes from Mayor Edwenna Perkins and Trustees I. Brandon, M. Jones, A. Sanchez, K. Wellington and N. Booker. Trustee M. Lightford was recorded as absent. The omnibus package bundled several draft ordinances and related approvals into one motion and carried without discussion.
The omnibus items included: (A) authorization to execute a letter acknowledging Greenwood Transfer, LLC’s Dec. 15, 2020, 14-day notice of sale and approving the corporate stock sale to Lakeshore Recycling Systems, LLC and the buyer’s assumption of obligations under the Host Community Benefit Agreement between the Village of Maywood, Cook County and Greenwood Transfer; (B–D) draft ordinances to extend the Madison Street/Fifth Avenue Tax Increment Financing (TIF) District for an additional 12-year term, amend its redevelopment plan and adopt the amended TIF measures; (E–G) parallel draft ordinances to extend and amend the Roosevelt Road TIF District for an additional 12-year term and to adopt related TIF measures; and (H) an ordinance adding a new section to the village code to identify TIF districts, designate a TIF administrator and adopt rules for an interested-parties registry.
The board did not discuss the items on the record prior to the vote. The clerk recorded no nays or abstentions and certified the motion as carried. The meeting minutes show the omnibus motion encompassed both the Greenwood Transfer stock sale consent and multiple TIF-related ordinance actions; the draft ordinance numbers were listed as draft in the record and not specified with final ordinance numbers during the meeting.
Separately, Trustee I. Brandon announced a $2,500 donation from Joe Rizzo Ford to the village Water Relief Fund as a for-information item. Mayor Edwenna Perkins also noted recent Christmas events and other village happenings before the board adjourned at 7:19 p.m.
The board’s actions on Dec. 29 place the specified TIF districts on an amended 12-year schedule and record the village’s consent to the Greenwood Transfer stock transaction and assumption of obligations by the buyer; the transcript does not record implementation dates, fiscal impact figures or final ordinance numbers, which were not specified during the meeting.