Ordinance Backs TIF Deal with 8500 MG LLC

Scope & details

The full contract record, as filed.

Contract amount

Up to $1,750,000 in TIF reimbursements plus sale of Village Property for $1,500,000 (subject to note and mortgage)

Contract type

OTHER

Contract term

Certificates of occupancy for all residential units must be issued within two years of closing for loan forgiveness; commercial forgivable loan forgiven after five consecutive years of restaurant operation

Renewal

The agreement includes performance-based forgiveness: if all residential certificates of occupancy are issued within two years of closing, the $1.5 million note and accrued interest are forgiven; a separate $250,000 commercial-space loan is forgiven after five consecutive years of restaurant operation. Assistance is reduced if actual project costs are lower than estimated.

Document type

AgendaPacket

Source document

Village of Morton Grove AgendaPacket Regular Meeting 2026-08-11

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by Morton Grove village (pt.)?

8500 Mg Llc was awarded this government contract by Morton Grove village (pt.), as recorded on August 11, 2026. The contract value is Up to $1,750,000 in TIF reimbursements plus sale of Village Property for $1,500,000 (subject to note and mortgage).

How much is the 8500 Mg Llc contract with Morton Grove village (pt.) worth?

The 8500 Mg Llc contract with Morton Grove village (pt.) is valued at Up to $1,750,000 in TIF reimbursements plus sale of Village Property for $1,500,000 (subject to note and mortgage).

What type of contract is this?

This is a government contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in Village of Morton Grove AgendaPacket Regular Meeting 2026-08-11 (AgendaPacket), dated August 11, 2026 from Morton Grove village (pt.). Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does 8500 Mg Llc hold?

8500 Mg Llc 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 Morton Grove village (pt.) currently buying?

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