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Amendment approved to redevelopment deal for 7528 W. North Avenue with $1.5M reimbursement condition
Summary
The board approved a sixth amendment to the redevelopment agreement for 7528 W. North Avenue that conveys the property to the developer for $550,000 and conditions a $1.5 million reimbursement on the developer opening a Greek restaurant by Nov. 30, 2026.
The board approved an amendment to the redevelopment agreement for 7528 W. North Avenue that authorizes conveyance of the property to the developer at a closing set for Jan. 16, 2026, for a purchase price of $550,000. The amendment retains the developer’s obligation to construct a Greek restaurant at that location.
Under the amendment, if the restaurant is open for business by Nov. 30, 2026, the village will reimburse the developer $1.5 million. If the restaurant is not open by that date, the village has no obligation to pay any reimbursement or incentive. The item was part of the consent package approved 7–0.
