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Southland Development Authority presents MOU for 241‑acre Project Bloom, asks University Park to consider annexation and TIF
Summary
The Southland Development Authority outlined a non‑binding memorandum of understanding to cooperate with University Park on Project Bloom, a proposed 241‑acre mixed‑use redevelopment near I‑57. The plan would require annexation and a tax‑increment financing district to pay infrastructure costs and will proceed only with further community input and later votes.
Beau Kemp, chief executive officer of the Southland Development Authority, told the Village Board that the authority has entered an agreement tied to a proposed 241‑acre redevelopment at the corner of Steger and Interstate 57 and is asking the village to approve a non‑binding memorandum of understanding to move forward.
Kemp said the MOU would not obligate the village to specific actions but would enable the Southland Development Authority and the village to coordinate on annexation, site preparation and a potential tax‑increment financing (TIF) district to pay for major infrastructure…
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