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OTHERAPPROVED

Woodridge Approves Kensington Development MOU Amendment

Woodridge approved a first amendment to its MOU and term sheet with Kensington Development LLC for a mixed-use redevelopment at 1515 75th Street. The amendment supports drafting a TIF redevelopment agreement and incorporates additional traffic intersection improvements, with incentives tied to project-generated revenues.

Document date · September 14, 2026

Issuing agencyWoodridge village (pt.)VendorKensington Development Llc

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TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Approximately $1.5M in additional project costs; total incentive sharing capped at $5.6M due to updated borrowing and interest costs; the developer's latest pro forma shows a $10.1M total financial gap
Contract type
OTHER
Contract term
23 years
Renewal date
2049-09-17
Renewal
First amendment to the original nonbinding MOU and term sheet approved under Resolution No. 2026-105. The agreement is intended to lead to a TIF Redevelopment Agreement; final execution is subject to Village Attorney review and approval.
Document type
Resolution
Source document
Woodridge Resolution 2026-105 First Amendment to MOU with Kensington Development 2026-09-17

Frequently asked questions

Common questions about this contract, answered from the record.

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

Kensington Development Llc was awarded this government contract by Woodridge village (pt.), as recorded on September 14, 2026. The contract value is Approximately $1.5M in additional project costs; total incentive sharing capped at $5.6M due to updated borrowing and interest costs; the developer's latest pro forma shows a $10.1M total financial gap.

How much is the Kensington Development Llc contract with Woodridge village (pt.) worth?

The Kensington Development Llc contract with Woodridge village (pt.) is valued at Approximately $1.5M in additional project costs; total incentive sharing capped at $5.6M due to updated borrowing and interest costs; the developer's latest pro forma shows a $10.1M total financial gap.

What type of contract is this?

This is a government contract, documented as a resolution record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in Woodridge Resolution 2026-105 First Amendment to MOU with Kensington Development 2026-09-17 (Resolution), dated September 14, 2026 from Woodridge village (pt.). Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Kensington Development Llc hold?

Kensington Development 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.

View Kensington Development Llc's profile

What is Woodridge village (pt.) currently buying?

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

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