The owners of seven properties adjacent to a planned development at 7620 Madison St. will have the opportunity through a new village of River Forest grant program to make selected improvements.
An ordinance forming the Madison Street Neighborhood Improvement Grant Program was unanimously approved by the village board with amendments Sept. 28 and sets aside $300,000 in TIF district funds for those seven properties – 12, 13, 14, 15 and 18 Ashland Ave., and 12 and 14 Lathrop Ave.
According to the amended ordinance obtained by Wednesday Journal on Monday:
“The purpose of the program is to encourage rehabilitation and enhancement of the eligible properties, preserve the aesthetic appearance and character of the residential neighborhood nearest to the Madison Street development, promote appropriate screening, buffering and compatibility between the Madison Street corridor and nearby residential uses, and implement the Redevelopment Plan through reimbursement of eligible redevelopment project costs.”
Village Administrator Matt Walsh noted the improvement fund “will assist residents with making a variety of improvements to their home.
“Ultimately the village’s goal is to improve the quality of life for residents and this program uses TIF funds to directly invest in existing residential properties,” he said.
But where the idea came from and how the dollar amount of $300,000 was set isn’t clear. Both Walsh and Village President Cathy Adduci sidestepped those questions.
Adduci said in a written statement the ordinance concept “builds on our previous efforts to support neighbors impacted by major construction projects, such as the Sheridan (now Sunrise) project.
“The proposed development will significantly increase our tax base, generating additional resources for our school districts and other taxing bodies,” Adduci wrote. “Both the new development and the Neighborhood Fund represents meaningful steps forward in improving the Madison Street corridor and supporting our residents.”
After more than five hours of public comment and discussion, the village board on Aug. 17 approved an ordinance to grant a planned development permit for a five-story residential and commercial building at 7620 Madison St. to be developed by Chicago-based Five Thirty-One Partners.
The development would include construction of a mixed-use building with 69 high-end apartments and first-floor retail space. The five-story building would be 87 feet at its tallest point with the majority of the building just under 73 feet.
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 to the developer at certificate of occupancy.
The $300,000 allotted to the Madison Street Neighborhood Improvement Grant Program will be split equally among the seven properties, at a maximum of $42,857, one amendment requested by the village board Sept. 28.
Eligible improvement projects under the grant program include:
- Exterior building and building envelope improvements;
- Porches and existing site improvements;
- Garages and accessory structures, though the construction of a new privately owned building is not eligible;
- Landscaping, screening and buffering;
- Exterior lighting, privacy and security fixtures;
- Sustainability and energy efficiency improvements;
- Design and professional costs; and,
- Other rehabilitation, reconstruction, repair or remodeling of an existing building that is substantially similar to those categories.
The amended ordinance also notes that ineligible projects include “new privately owned principal or accessory buildings; additions that constitute new private building construction; movable personal property; furniture, appliances or decorative items; routine cleaning or ordinary maintenance that does not constitute rehabilitation, reconstruction, repair or remodeling; an applicant’s own labor; interest, financing charges, taxes, fines or penalties; costs reimbursed from insurance or another grant or funding source; and any cost that is not eligible under the TIF Act or is inconsistent with the Redevelopment Plan.”
The amended ordinance also says that Walsh will create an application form and may establish “reasonable application deadlines and administrative procedures.”
The application itself will include a description of the proposed work, plans or photos that identify the work, contractor estimates or bids, evidence of ownership, the amount of funds requested and a proposed project completion schedule.
“The top-line changes from the board included splitting the $300,000 evenly among the seven eligible properties and the creation of an appeals process if the village administrator were to deny an application or reimbursement,” Walsh wrote. “The appeal would be review an application’s program availability.”