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Alsip seeks redevelopment agreement and TIF support for prospective Pulaski retail site
Summary
The board asked the village attorney to draft a redevelopment agreement for a potential retail store at 121st and Pulaski that could include TIF-eligible expenses up to $250,000 and remittance of incremental tax revenues to the developer up to $100,000; village finance staff confirmed available TIF funds.
Trustee Love asked the board to authorize the village attorney to draft a redevelopment agreement for a prospective retail project at 121st and Pulaski.
Trustee Love said the draft terms will include village-funded TIF-eligible expenses up to $250,000 and remitting incremental property-tax revenue generated by the site back to the developer up to $100,000. He said he provided trustees with background on the prospective developer and that finance consultant Chris Marbelli confirmed TIF funds are available to support such an agreement.
Trustees discussed whether the TIF assistance should be time-capped or strictly dollar-capped; Trustee Love said he favored a dollar cap with a payment schedule to be set by the attorney. The village attorney will prepare a draft agreement and schedule for board review; trustees did not vote on the agreement tonight but signaled support to move the draft forward.
Next steps: the attorney will draft the redevelopment agreement and financing schedule for review and a future vote; staff said specific developer names and final terms will be included in the packet when the item returns to the board.
