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Downtown Redevelopment

September, 2006 Update

In recent weeks, the Downtown Redevelopment Project, known as Lincolnshire Marketplace, has made significant strides forward in becoming a reality. The Village Board and staff were notified at the August 14th Village Board meeting that the project developer/Village partner, Colliers, Bennett & Kahnweiler (CBK), had received a Letter of Intent from an established, well-respected grocer stating their desire to become the anchor in the Downtown Redevelopment Project. Lease negotiations are now under way and it appears as though a deal is imminent. This is one of the major requirements that CBK needs to meet, in order to move forward with redevelopment of this area at the northeast corner of Route 22 and Milwaukee Avenue.

The proposed grocer is actually larger, at 32,000 square feet, than the 20,000 square foot grocer planned for this site. This will require the plan to be slightly altered to reduce the additional retail space proposed for the property, as well a reduction in the size of the proposed restaurant. The benefits to the Village of a larger, more-established grocer are strong. In addition, the larger grocer building footprint will require that the existing lattice-work cell tower in the Downtown be relocated from the middle of the site to a peripheral location. The Board is generally amenable to amending the Redevelopment Agreement to include this relocation cost, of no more than $500,000, in the budget for Tax Increment Financing (TIF) reimbursement. TIF funds, generated in the district itself, are paying for the Village’s share of redevelopment costs in this area.

Finally, the environmental remediation for the former gas station in this area is generally complete, has received favorable testing results, and should be completed and approved by the State within the next two months. The environmental remediation associated with the existing gas station on the east side of Milwaukee Avenue is anticipated to begin work in the next month, resulting in a site that will meet State requirements for residential properties. The Village has been seeking this higher standard, even though the property will be commercial, in order to ensure the highest level of clean-up and remediation.

Throughout the Fall, the Village anticipates reviewing CBK’s plans and putting the finishing touches on the design stage of this project. With some good weather, good design ideas, and the desire of the Village Board, staff and our residents, we hope to be shopping and dining in Lincolnshire Marketplace in the Fall/Winter of 2007.