A Public Notice of Development Proposal for redevelopment of 7620 Madison St. provides insight on the financial aspects of the project that will be discussed and possibly voted upon at the River Forest village board meeting at 7 p.m. today at Trinity High School.
According to the proposal issued late last week, the land sale price for the property is $10, with an incentive of up to $2 million in TIF-eligible reimbursement, with $1 million payable at certificate of occupancy.
A guaranteed property tax scenario is also described, with a base assessed value of $1.9 million with property tax appeals limited to reductions each year no less than the base valuation plus consumer price index (CPI).
The developer, Five Thirty-one Partners, would be obligated to complete the project within 24 months of permitting. According to the Public Notice of Development Proposal, the redevelopment would include construction of a mixed-use building with 69 high-end apartments and first-floor retail space.
Any alternative proposals were to be submitted to village administrator Matt Walsh by 12 p.m. today.
Further, the Madison Street Development Newsletter posted on the village website said it had purchased the multiple parcels making up the property between 2017 and 2019 to encourage redevelopment along Madison Street. The village worked with real estate advisor JLL to lead marketing for the property, which resulted in the village board selecting Five Thirty-one Partners.
“The proposal supports the goals of the 2016 Madison Street TIF Redevelopment Plan by transforming a long-vacant site into new housing, commercial space and tax revenue,” according to the newsletter.
It also said that the village’s development review board held a public hearing July 9 and unanimously recommended approval, though resident feedback resulted in reduction of number of units, improving floor plans and expanding landscape buffers.