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West Dundee used $20M bond to acquire Spring Hill properties and fund demolition, staff says
Summary
Tim Scott said the village issued a $20 million bond to assemble properties around the former mall, reporting acquisition costs of a little over $10 million and roughly $5 million for demolition to create a blank slate for redevelopment.
Tim Scott told the audience that the village raised a $20,000,000 bond to acquire properties tied to the Spring Hill mall and to underwrite demolition and site‑preparation work. "The $20,000,000 bond issue then, you can see the acquisition cost of all the properties, a little over $10,000,000, a little over $5,000,000 for demolition," Scott said, explaining the financing sequence used to assemble the site.
Scott said these actions were taken to create a "tabula rasa" that would allow a planned, mixed‑use future to be contemplated and tested with modeling tools. He emphasized that the acquisition and demolition were municipal actions taken when private owners did not reinvest in the property.
