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Maywood trustees approve First Amendment to Fifth Avenue Apartments redevelopment agreement amid two no votes
Summary
A First Amendment to the redevelopment agreement with Interfaith Housing Development Corporation for the Fifth Avenue Apartments (800–820 S. 5th Ave.) was approved Nov. 13 by the Village Board; the measure passed 4–2 with Trustees K. Wellington and M. Lightford voting no.
The Village of Maywood Board of Trustees voted on Nov. 13 to approve a First Amendment to the redevelopment agreement between the Interfaith Housing Development Corporation of Chicago and the Village for sale and redevelopment of property at 800 through 820 South 5th Avenue.
Trustee H. Yarbrough moved and Trustee M. Lightford seconded the ordinance approving the amendment. The measure passed with Mayor Edwenna Perkins and Trustees H. Yarbrough, I. Brandon and A. Sanchez voting yes and Trustees K. Wellington and M. Lightford voting no. The Board had earlier received an update from Angela Smith noting Interfaith’s request to extend a project closing date from Oct. 30, 2018 to May 1, 2019 to satisfy a Federal Home Loan requirement; that change was described as part of the Interfaith project discussion and the ordinance in "Old Business" effectuated the contractual amendment.
Why it matters: the amendment governs sale and redevelopment steps for a multi-unit residential project on Fifth Avenue and adjusts contractual timelines tied to federal financing conditions. The split vote indicates some trustees had reservations though the ordinance received enough votes to pass.
Next steps: staff will proceed with the contractual steps required by the amended agreement and prepare any closing documentation related to the revised project timeline.
