Village of Carpentersville AgendaPacket Special Meeting 2026-06-09
Village Approves $1M Milestone Payment to Horizon for Iron Flats
Trusted by teams at
Description
The Village Board authorized the first of four milestone payments of $1 million to Horizon Development Group, Inc. as part of a $6 million redevelopment agreement for the Iron Flats Project, with payment due upon property acquisition on June 11, 2026. This economic incentive is designed to encourage timely project completion and increase the Village's tax base.
Contract Details
Contract Amount
$1,000,000 (first milestone payment of $6,000,000 total)
Vendor
HORIZON DEVELOPMENT GROUP INC
Agency
Carpentersville village (pt.), IL
Contract Type
OTHER
Document Date
June 9, 2026
Contract Term
First milestone: upon acquisition (June 11, 2026); RDA term not specified
Renewal Date
2026-06-11
Renewal Info
Redevelopment Agreement includes four milestone payments, with additional payments due upon specific construction milestones per the RDA. Potential for future board actions as each milestone is reached.
More from HORIZON DEVELOPMENT GROUP INC
Related Contracts
Mason City Zoning Board of Adjustment Agenda April 7, 2026
PENDINGMason City Zoning Board of Adjustment Agenda April 7, 2026
PENDINGvillage_of_carpentersville_board_of_trustees_meeti.pdf
APPROVEDvillage_of_carpentersville_board_of_trustees_meeti.pdf
APPROVEDvillage_board_of_trustees_regular_meeting_agenda_n.pdf
PENDINGMore from Carpentersville village (pt.)
Carpentersville Fire Department Foreign Fire Insurance Board Agenda 2026-06-10
Village of Carpentersville Agenda Packet 2026-06-02
Village of Carpentersville Agenda Packet 2026-06-02
Village of Carpentersville Agenda Packet 2026-06-02
Village of Carpentersville Agenda Packet 2026-06-02
Want to learn more?
Get alerts on contract renewals, new awards, and vendor activity.
Bring us your territory.
We'll show you what is forming.
See live SLED buying signals, source docs, decision-makers, contract context, and the next step into your CRM or pipeline.