Morton Grove Approves TIF Deal with 8500 MG LLC

Morton Grove adopted Ordinance 26-16 approving an Economic Incentive and Tax Increment Allocation Financing Development Agreement with 8500 MG LLC for a 60-unit mixed-use project at 8500–50 Lehigh Avenue. The Village will sell the site for $1.5 million and provide up to $1.75 million in TIF reimbursements in exchange for constructing the development, with the loan and assistance subject to performance milestones and forgiveness provisions.

Scope & details

The full contract record, as filed.

Contract amount

$1,500,000 property sale; up to $1,750,000 in TIF reimbursements

Contract type

OTHER

Contract term

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

Renewal date

2028-12-31

Renewal

The $1,500,000 note and mortgage, including accrued interest, will be forgiven if all residential unit certificates of occupancy are issued within two years of closing; otherwise principal and interest become immediately due. The $250,000 commercial-space TIF assistance is structured as a forgivable loan secured by a note and mortgage, fully forgiven after five consecutive years of operation by a full-service restaurant tenant.

Document type

AgendaPacket

Source document

Village of Morton Grove AgendaPacket Regular Meeting 2026-08-25

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

APPROVED

Morton Grove village (pt.), IllinoisUp to $1,750,000 in TIF reimbursements plus sale of Village Property for $1,500,000 (subject to note and mortgage)Aug 11, 2026

Village of Morton Grove Board of Trustees Meeting Minutes January 13 2026

APPROVED

Morton Grove village (pt.), IllinoisJan 13, 2026

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 25, 2026. The contract value is $1,500,000 property sale; up to $1,750,000 in TIF reimbursements.

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 $1,500,000 property sale; up to $1,750,000 in TIF reimbursements.

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 2026-08-25 (AgendaPacket), dated August 25, 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?

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