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Redwood closes on property; Norwood continues due diligence on Block B; trustee to attend school board on TIF extension
Summary
Administrator Soderholm told trustees that Redwood has closed on the property and plans demolition within two weeks of closing on construction loans with grading and infrastructure before winter. Norwood Builders is proceeding with due diligence on Block B, and Trustee Steve Knar offered to attend a school board meeting about the village's TIF extension request.
Administrator Soderholm told the board that developer Redwood has closed on the property and plans to begin demolition within two weeks of closing on construction loans, with mass grading and infrastructure work to follow before winter.
Trustee Steve Knar asked for a status update on the Block developer; Administrator Soderholm said Norwood Builders continues its due diligence on the Block B project. Trustee Knar said the village's TIF extension request appears on the school board agenda and volunteered to attend to answer questions from the board.
The minutes record timelines provided by the administrator but do not include construction loan closing dates or a detailed developer schedule beyond the two-week demolition window tied to closing on construction financing. The board took no additional formal action on the development items during the Aug. 15 public meeting.