City of Highwood AgendaPacket Committee of the Whole 2026-06-02
City Approves $9 Million+ Redevelopment Deal on Sheridan Road
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Description
The City of Highwood approved a redevelopment agreement with Highwood Development Partners Corporation for the purchase and redevelopment of 412-430 Sheridan Road. The agreement provides for a purchase price of $2,750,000 and TIF reimbursements up to $6,888,570 through bond proceeds, supporting a 93-unit mixed-use project.
Contract Details
Contract Amount
Purchase price $2,750,000; TIF incentive 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
As per Redevelopment Agreement; TIF payments extend to end of TIF District
Renewal Date
2043-12-31
Renewal Info
May be amended for schedule changes, bond/financing deadlines, or deferred payment changes; final amount and payouts tied to project milestones.
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