A Chicago-based developer asked the Village Board on Thursday to consider restructuring and selling $32 million in tax-increment financing bonds that were originally issued in 1993.
The developer, Prime Group, also asked for $4 million in new bonds for additional improvements, such as widening the roads in its proposed 900-acre development on the north side of the Northwest Tollway near Illinois Highway 47 in Kane County.
“We really need your help,” said Sam Polsky, a Prime Group attorney. “We can’t go forward in the project without restructuring the bonds.”
The 900-acre parcel of former farmland became a TIF district in 1993. The developer plans to build corporate centers, industrial buildings and manufacturing facilities.
The board took no action on the measure. However, trustee Sue Paulsen said the general consensus of the board was to approve both requests.
Polsky said he would send the board the legal documents concerning the reissuing of the bonds and sale of the additional bonds and hoped to see the measures approved by early November.
