OTHERAPPROVED

Flossmoor Village Board Agenda December 2024

Flossmoor Awards Downtown Redevelopment to BG Park Centre LLC

Approximately $6,730,000 total project (Village incentive up to $1,465,000 TIF, plus land)Flossmoor villageBG PARK CENTRE LLCDecember 16, 2024

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Description

Flossmoor Board approved a redevelopment agreement with BG Park Centre LLC to construct 13 luxury townhomes and a café at 2611-2633 Flossmoor Road, providing Village land and up to $1.465 million in TIF funding as an incentive. Project includes measures for school district payments and property maintenance via HOA or Special Service Area.

Contract Details

Contract Amount

Approximately $6,730,000 total project (Village incentive up to $1,465,000 TIF, plus land)

Vendor

BG PARK CENTRE LLC

Agency

Flossmoor village, IL

Contract Type

OTHER

Document Date

December 16, 2024

Contract Term

To the lesser of 22% of project costs / $1,465,000 or through December 31, 2047

Renewal Date

2047-12-31

Renewal Info

Automatic end upon payout of 22% of total project costs, $1,465,000, or December 31, 2047; promissory note of $175,000 due if developer defaults; HOA/Special Service Area ensures long-term maintenance.