City of Highwood Agenda Packet 2026-06-02
$6.89M TIF Redevelopment Pact with Highwood Development Partners
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Description
City of Highwood approved a major redevelopment agreement with Highwood Development Partners Corporation for a mixed-use project at five Sheridan Road properties. The agreement includes city property sale for $2.75 million and up to $6.89 million in TIF bond financing to support the project over the TIF district term.
Contract Details
Contract Amount
$2,750,000 property purchase price; City Funding Obligation not to exceed $6,888,570
Vendor
HIGHWOOD DEVELOPMENT PARTNERS CORPORATION
Agency
City of Highwood, IL
Contract Type
CONSTRUCTION
Document Date
June 2, 2026
Contract Term
Through final payment of Net Incremental Property Taxes (expires with Downtown TIF District; Bonds lockout period 72 months)
Renewal Info
Bonds lockout period of 72 months. City funding capped at $6,888,570 paid from Net Incremental Property Taxes through Downtown TIF District's lifespan. Closing must occur by October 1, 2026 or agreement may terminate. Payment of deferred obligations tied to project refinancing, sale, or distribution events.
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