Glenwood authorizes TIF-backed redevelopment deal and $349,890 roof contract for roller rink

The Village of Glenwood on June 16 approved a redevelopment agreement with Glenwood Nation Roller Skating Rink LLC and authorized a village-managed roof replacement at 656 West Hullbrook Road, using tax increment financing (TIF) mechanisms and protections described by the village attorney.

The attorney explained the agreement would cap village exposure at $425,000, with repayment over 10 years in equal installments tied to the property’s tax-increment receipts. As an incentive, the annual payment while the TIF remains in place is reduced by 50% of the tax increment the property generates in a given year, the attorney said, and the village would take a mortgage on the property as a security in the event of default.

Trustee Brown said he supported “the careful use of TIF funds to help repair the roof” and described the proposal as an example of the ‘but for’ principle used to justify TIF spending. Brown noted the property previously contributed substantial tax increment dollars to the industrial TIF district and said repairing the building would return the roller rink to productive use rather than leaving a blighted structure.

Following that approval, the board voted to award the roof replacement contract to Elite Exteriors for $349,890. The village administrator noted the TIF account has roughly $4.8 million available and that the selected proposal came in as the most appropriate among multiple bids. The administration said the village will procure and manage the contractor to ensure the work is completed to village standards; the developer will reimburse the village according to the agreement’s terms.

The board’s vote carried on roll call. The village attorney and administrator said additional contractual protections are included to safeguard the village in the event of default.

The action authorizes the administration to execute the redevelopment agreement and begin roof work upon executing the agreement.