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The Board reached consensus on a preliminary financing approach for the LTC redevelopment, including a potential $4 million transfer from an adjacent TIF district, a 7b property-tax incentive for the auto dealer, and capped sales-tax sharing subject to verified financial estimates.
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The proposed redevelopment has a preliminary project budget of $40.6 million, although some costs may not qualify for tax-increment financing and supporting documentation has not yet been submitted. The Board directed staff to review the developer’s costs and pursue scenarios that monetize the retailer’s ground lease immediately. Incentives are intended to be risk-free to the Village, would not use the Village’s 1% grocery tax, and are expected to help reduce a near-term budget gap tied to the current LTC site.
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