Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Transit Oriented Development topic
No spam. Unsubscribe anytime.
Homewood staff to recommend two developers Feb. 10 for transit‑oriented projects
Summary
Village staff reported four remaining mixed‑use, transit‑oriented development proposals for properties including 206 Ridge Road; evaluations are due Feb. 10 and the board will be asked to select a preferred developer, with alternative proposal solicitation and a possible March 24 continuation to align with TIFF district timelines.
Economic and community development staff updated the Village of Homewood board on Jan. 27 about the status of transit‑oriented development (TOD) proposals for sites including 206 Ridge Road and 2024 Chest. Of six original proposals, four remain under detailed review; two are from private developers and two are from nonprofits, officials said.
Staff and an outside consultant analyzed proposed tax increment financing (TIF/TIFF) increment and incentive requests, asked development teams for revisions, and prepared a complete packet of proposal materials that are available on the village website. The evaluation is slated to be completed by the Feb. 10 board meeting, when staff plans to recommend two developers. At that meeting the board would be asked to select one developer and authorize staff to solicit alternative proposals, as required by the TIFF statute.
Staff said solicitation of alternatives would run for two weeks with responses due by the Feb. 24 meeting and that the board is considering aligning final action with the TIFF district schedule; staff recommended continuing the public hearing into March 24 so timelines align.
Project footprints described by staff range from four to six stories with varying amounts of commercial space and parking provisions. Some proposals request TIF assistance; one proposal asked for what staff described as 100% of available increment for building costs with a portion dedicated to shared parking. Staff emphasized that nonprofit projects have longer timelines tied to funding sources.
The board acknowledged the update and said it expects a formal recommendation at the Feb. 10 meeting. No decisions were made on Jan. 27.
