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VOL. 12 • NO. 26
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THURSDAY, JUNE 23, 2016
Garden Station gets final board approval New $46 million development will offer no subsidized housing
bond financing for the project, but all such bonds will be financed by The Villa Park Board of Trustees TIF funds generated by the buildvoted to approve a development ing. This is figured at 75% of the inagreement with Golden Spike, LLC, cremental property taxes generated to construct a 230-unit apartment building on Ardmore Ave. just north of the Metra Station, to be known as Garden Station. The first and final vote followed discussions during the Monday, June 13 Committee of the Whole portion of the Board meeting. The project, with an estimated cost of $46 million, is in the final stages of securing financing from PNC Bank through the federal HUD (Housing and Urban Development) program underwriting, according to Rick Goldman, principal developer with Golden Spike, LLC. The Village was asked to waive inspection and permit fees as well as split the TIF revenue bond funds generated by the project. After discussions, the Board agreed to these conditions. The agreement also sets out important dates and compliance requirements for the developer. “Ongoing compliance dates are very important,” Village Manager Rich Keehner said. “The agreement These four young ladies can be terminated if financing is not danced in their own circle secured by May 31, 2017.” at Summerfest 2016 held Obligation dates can be extended Friday and Saturday, by the Village, if deemed appropriJune 17-18 in downtown ate. Villa Park on Ardmore The waiver of permit fees, interAvenue by the gazebo. nal inspection fees (but not outside The weather was hot and vendor inspection fees), and water muggy, but the event and sewer connection fees were apwasn’t hampered by proved by the Board. Water detenrainstorms. More photos tion variance fees will not be waived, inside this issue. according to Keehner. The Village agreed to provide By Paul DelGuidice
FOR THE VILLA PARK INDEPENDENT
by the project. The other 25 percent will be solely for the use of improving the area in the TIF district, including maintenance and refurbishment of Jefferson Pool.
“It’s a large development with a lot of moving parts,” said Keehner. The financing is expected to be finalized in the next three to four months.
“At the end of the process, the developer will be able to dig the next day,” said Keehner.
See BOARD, Page 3
A Summerfest circle
PAUL DELGUIDICE PHOTO Villa Park Independent
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Police Reports...........6 Sports �������������������� 16 Viewpoint.................8 Classifieds..........21-22
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