Morton Grove Approves TIF Agreement With 8500 MG

Up to $1,750,000 in TIF assistance; $1,500,000 sale of Village property; approximately $5,470,000 total value of Village assistance including property value

OTHER

Commercial loan forgiveness after five consecutive years of full-service restaurant operation; residential note forgiveness if all residential certificates of occupancy are issued within two years of closing

The agreement contains performance-based forgiveness provisions rather than renewal options. A $250,000 commercial-space forgivable loan is fully forgiven after five consecutive years of operation by a full-service restaurant; the $1.5 million property note and accrued interest may be forgiven if all residential certificates of occupancy are issued within two years of closing.

AgendaPacket