Where We’ve Been
- We have over 36 months of planning and development invested in the redevelopment of downtown Lake Zurich.
- Held the Charrette Process in June 2008, where we established a partnership with the people of Lake Zurich, Village Board, and staff to decide on the most important elements of a go forward development.
- From this partnership a Master Plan was developed for the Village of Lake Zurich with world-renowned architect Torti Gallas.
- Additionally a Form Based Code was created that would serve to protect neighborhood quality and guide development.
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- Confirmed surrounding marketplace would support proposed redevelopment and its economics.
- Solved for a shortage of available Village-owned land on which to develop.
- Created plan for how the Village could pay for existing Tax Incremental Financing (TIF) obligation plus new infrastructure costs.
- Designed a financing solution where no current citizen of the Village would have to pay taxes into the General Tax Revenue Fund to support the project.
Key Financial Details:
- At project inception, potential TIF revenues to Village were assured to be paid.
- Approximately 2% of developed real estate value would be collected annually as tax revenue from TIF district.
- Tax revenues estimated to be $5MM annually with inclusion of C Block (Somerset Block).
- Sufficient to allow Village to meet its current and future annual TIF repayment obligations.
- Partnered with a Lender who agreed to provide unique, comprehensive funding for the entirety of the Project versus a disjointed, piecemeal development approach.
- Created a development contract with the Village to protect residents, lenders, and the integrity of the project.
Important Developments:
- Development contract with Village ran through January 31, 2011.
- Village elected to grant contract extension only through December 30, 2010.
- On January 17, 2011 made formal request of Village Board for contract extension until January 31, 2011 but was denied.
Where We’re Going
- Secured re-commitment from lender for an acquisition and construction loan, adjusting for decision of the Village Board Jan 17, 2011 not to extend development agreement.
- We have started the land acquisition phase of the project through utilization of our Land Acquisition Loan Facility.
- Adhering to the key fundamental precepts of the Project.
- Creating a destination with public and commercial elements including shops, restaurants, and family attractions.
- Building an environment that strengthens how residents can connect together and be in community.
- Partnering opportunities with the community.
- Moving forward with continued integrity.
