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Council committee forwards Hyundai dealership redevelopment amendment to consent agenda
Summary
A committee voted to forward amendments to the redevelopment agreement for the Hyundai dealership at 221 E. Lake Cook Rd., including a staff-noted reduction in TIF benefit to address signage and a carve‑out of an undeveloped parcel; the amendment was placed on the consent agenda.
The Community and Economic Development Committee voted to forward an amendment to the redevelopment agreement for the Hyundai automobile dealership at 221 East Lake Cook Road to the council’s consent agenda.
Staff told the committee the owner family is pursuing a sale and requested changes to the redevelopment agreement. "They have agreed to reduce the overall tip benefit by a $112,000 to kind of offset some of the issues related to the sign," the village manager said. Staff recommended approval and said all other redevelopment conditions would remain in place, while an eastern portion of the property would be carved out from the agreement because it is slated for separate commercial development.
The committee chair, Councilman Solberg, called for a vote and members approved forwarding the amendment; it will appear on the evening consent agenda for final council action. The manager noted the amendment responds to timing and court developments that affected billboard/sign provisions in the original agreement.
Council packets show the reduction in tax-increment benefit and the carve-out as the principal changes; staff said the amendment is intended to preserve the redevelopment outcomes while addressing issues that surfaced since the original agreement.
