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Romeoville to release mortgage for Roma Gardens refinance, requires $150,000 security for parking work
Summary
The village agreed, subject to manager and attorney final approval, to release a fourth mortgage on Romeoville Gardens senior apartments to allow the owners to refinance, with the owners posting $150,000 in security to guarantee parking-lot improvements.
The board considered a development-agreement resolution to help Romeoville Gardens senior apartments complete a refinancing and associated parking-lot work.
Vogel said the owners of Romeoville Gardens are transitioning from a tax-credit–supported, below-market product to market-rate housing after the 30-year tax benefits expired. As part of refinancing existing debt, the owners asked the village to release an existing fourth mortgage on the property so lenders could refinance. "We would ask specifically that this be subject to village manager and village attorney final approval," Vogel said, and said the owners would provide a $150,000 security deposit to guarantee completion of agreed parking-lot improvements.
The resolution authorizing execution of the development agreement was included in the bundled slate the trustees approved by roll call; village staff will complete remaining transaction details and finalize documents under the manager and attorney review noted in the meeting.
