City of Highwood Agenda Packet 2026-06-02
Highwood, ZHH LLC Sign Downtown Redevelopment Deal
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Description
City of Highwood entered into a redevelopment agreement with ZHH LLC (co-developer) and Highwood Development Partners Corporation for mixed-use construction at five Sheridan Road properties. The agreement provides for a $2.75M property sale and up to $6.89M in TIF bond proceeds to fund eligible project costs.
Contract Details
Contract Amount
$2,750,000 property purchase price; City Funding Obligation not to exceed $6,888,570
Vendor
ZHH LLC
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
Bond and TIF funding requires certain project milestones, with lockout and termination clauses. Term runs through Downtown TIF District's remaining life or until all obligations satisfied.
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