ECDC advances major incentive deal for Synergy project

The Economic & Community Development Committee directed staff to finalize an economic incentive agreement with Synergy Construction for a two-phase apartment redevelopment at the former Carson’s site, including $20.76 million in TIF incentives and $8.30 million in Business District sales tax incentives. The package supports eligible land acquisition, infrastructure, demolition, and open space improvements under a contemplated 17-year term with enhanced property tax sharing.

Scope & details

The full contract record, as filed.

Contract amount

$20,756,301 in TIF incentives plus $8,295,282 in BD2 sales tax incentives (projected)

Contract type

FINANCIAL_SERVICES

Contract term

TIF incentive period contemplated at 17 years; BD2 incentives duration not specified

Renewal

Policy deviations include extending the TIF incentive period to 17 years and allowing up to 75% of incremental property taxes; no additional renewal or extension options described.

Document type

Minutes

Source document

village_of_lombard_economic_community_development.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Lombard village (pt.)?

Synergy Construction was awarded this financial services contract by Lombard village (pt.), as recorded on December 8, 2025. The contract value is $20,756,301 in TIF incentives plus $8,295,282 in BD2 sales tax incentives (projected).

How much is the Synergy Construction contract with Lombard village (pt.) worth?

The Synergy Construction contract with Lombard village (pt.) is valued at $20,756,301 in TIF incentives plus $8,295,282 in BD2 sales tax incentives (projected), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in village_of_lombard_economic_community_development.pdf (Minutes), dated December 8, 2025 from Lombard village (pt.). Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Synergy Construction hold?

Synergy Construction may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is Lombard village (pt.) currently buying?

Explore Lombard village (pt.)'s vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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