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Board approves municipal revenue obligation to support DPML 95th Street LLC development
Summary
The Village approved a Municipal Revenue Obligation (MRO) of $3,854,897 to DPML 95th Street LLC for eligible project costs in TID #10; interest will accrue at the lesser of 8% or prime plus 2% (stated as 8% for 2025).
Finance staff presented a Municipal Revenue Obligation (MRO) to reimburse eligible developer project costs for DPML 95th Street LLC in Tax Increment District #10 and recommended Board approval. The staff presentation described eligible project costs submitted to date totaling a little over $3,800,000 and recommended approval of an MRO in the amount presented.
Staff said payments will be made from future tax increments and that interest will occur starting in 2025 at the lesser of 8% or prime plus 2% (prime stated in the meeting as 7.5%, so the 2025 rate would be 8%). The Board moved to approve the MRO and the motion carried.
