Village of Flossmoor Board of Trustees Minutes December 2024
Development Agreement Approved for Flossmoor Road Property
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Description
The Village of Flossmoor Board approved a development agreement with BG Park Centre LLC to redevelop property on Flossmoor Road. The agreement provides TIF-eligible reimbursements and sets forth benchmarks, with an initial four-month review before property transfer.
Contract Details
Contract Amount
Reimbursement basis for TIF-eligible expenses; property transfer contingent on benchmarks
Vendor
BG PARK CENTRE LLC
Agency
Flossmoor village, IL
Contract Type
OTHER
Document Date
December 16, 2024
Contract Term
Initial four-month benchmark period; agreement includes multiple benchmarks and phases
Renewal Date
2025-04-16
Renewal Info
Future stages and reimbursements based on developer meeting defined benchmarks within agreement. Additional Board actions required for further approvals or amendments.
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