Maywood board approves redevelopment agreement for former St. Charles Road TIF site

The Village of Maywood Board of Trustees voted to approve a redevelopment agreement with Maywood Equity Group, LLC on Dec. 18, 2018 for property at the northwest corner of 1st Avenue and Lake Street.

Under the approved agreement, the developer will construct two commercial buildings with associated parking, landscaping and infrastructure improvements at addresses listed in the agreement (101, 107 and 115 Lake Street and 210 and 212 North 1st Avenue). The redevelopment package submitted to the board included preliminary site and elevation drawings, a project completion timeline, a real estate sales contract and a temporary access agreement for environmental assessment. The agreement also includes a disclosure affidavit and a list of prohibited uses.

Mayor Edwenna Perkins presided over the vote. The ordinance authorizing approval and execution of the redevelopment agreement was presented with exhibits and the board approved the motion without recorded opposition among members present.

The agreement requires later submission of final development plans (listed as Group Exhibit “E”) before certain implementation steps occur. According to the cover memorandum referenced by the board from Klein, Thorpe and Jenkins, Ltd., the document contains legal descriptions and required contract exhibits.

The board did not detail financing terms or specific tenant commitments during the meeting. The approved motion and the ordinance authorize staff to execute the redevelopment agreement and its exhibits as presented, with final plan details to be attached later.

The board took the vote after moving Item 12 earlier on the agenda to accommodate the public hearing schedule; the redevelopment agreement was considered part of new business and approved at the Dec. 18 meeting.