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Downtown Redevelopment

January, 2007 Update

As 2006 came to a close, final Planning and review was under way on the Village’s Downtown Redevelopment Project. Construction on various phases of the project is scheduled to begin in the Spring/Summer of 2007, with the opportunity to stroll through this park-like setting and across the naturalized prairie plantings and wetlands along the creek banks and new detention pond. Part of this experience will include the Village’s first grocery store, that will combine a boutique atmosphere with a natural foods concept, providing goods and services that Lincolnshire residents have desired for many years.

2006 began with the final approvals and subsequent execution of a Redevelopment Agreement with the Village’s Downtown Development partner, Colliers, Bennett & Kahnweiler (CBK). This agreement defines the responsibilities of each party, as well as the Tax Increment Financing (TIF) funds to be invested in the project, and the schedule of work to be completed. With this agreement ratified, the Village and Developer have taken a stake in one another and in the project as a whole.

Throughout most of 2006, design plans were reviewed and revised, based upon finalized engineering, stormwater constraints and discussions with the Illinois Department of Transportation. The basic Site Plan has been conceptually approved, and the uses and square footage thoroughly discussed. In the course of this design review, it became apparent that there was not only an opportunity to once again approach the cell tower company regarding relocating their tower, but also a necessity that grew out of an increase in the size of the proposed “lifestyle Grocer” for this project. The Village’s development partner approached the cell tower company and they agreed upon the financial aspects of relocating the cell tower. The Redevelopment Agreement was subsequently amended to include a specific cost for relocation.

CBK narrowed their focus on potential Lifestyle Grocers and received a Letter of Commitment from a high-end national natural-foods grocer. They have begun work on a Lease Agreement and are ironing-out the final details. This grocer has requested the increased building footprint mentioned above. The tentative agreement to relocate the cell tower has permitted this increased grocery store size, and benefits the community in the provision of a larger store, with additional goods and services.

The Village completed sale of a portion of the Downtown Project Area north of Indian Creek to Weiss Development in 2005. The approved 62-unit condominium building on this site had final design details approved by the Village in early 2006, with construction beginning over this past Summer. Construction is expected to last approximately 16-18 months, with occupancies beginning at the end of 2007 and early 2008.

Finally, the village worked through our consulting engineers, Christopher B. Burke Engineering, to obtain approval of a realigned west leg of Old Half Day Road with Milwaukee Avenue, in order to accommodate a fully signalized intersection. The east leg of this intersection would represent the main signalized access to the Downtown Redevelopment Project area. IDOT has approved the concept of a traffic signal at this location and the final approval of design details has been underway through reviews throughout this past Fall. The Village anticipates utility relocation work in early 2007, with construction in the Summer of 2007.

Final Planning throughout 2006 is about to give way to construction on various facets of this project in 2007. With completion of this project now in the foreseeable future, the Village is entering the final stages of our TIF and Redevelopment Project, which we hope will mark the beginning stages of other privately-initiated development and redevelopment in Lincolnshire’s Commercial Corridor.