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Rothschild board OKs extension for Cedar Creek Haven project, alters pay-go split to 70/30
Summary
The board approved extending the Cedar Creek Haven development completion date to Dec. 31, 2032, and changed the project's pay-go distribution from 90/10 to 70/30, saying TID revenue will be realized over a longer project timeline. Dean Prohaska is identified as the developer representative.
The Village of Rothschild Board approved a modification to the development agreement with Dean Prohaska and Cedar Creek Haven, LLC, extending the expected project completion deadline to Dec. 31, 2032, and adjusting the pay-go distribution to a 70/30 split.
Administrator Ryan VanDeWalle told the board the longer timeline prompted the recommendation to shift from a 90/10 pay-go to 70/30 so the village captures a larger share of TID #2 incremental revenue over the life of the project. Trustee Jason Jablonski moved and Trustee Bill Schremp seconded the motion to approve the extension and revised pay-go; the minutes record the motion carried unanimously (7-0).
The board did not record additional conditions or amendments to the agreement in the minutes at this meeting; staff will proceed with implementing the revised timeline and payment terms as approved.
