Several longtime businesses on 95th Street will soon meet the wrecking ball to clear the way for new construction.
The Village Board this week agreed to split a development project into two phases, and to sell up to $8 million in bonds to make the development happen.
By November, Oak Brook-based Mid-America Co. should have acquired all the properties in the first phase of the retail/condominium project, said Village Manager Joe Faber.
A second phase was created because negotiations with property owners have stalled, Faber said.
Some trustees, as well as residents and business owners, have expressed dismay over losing small businesses in the village.
“We’re taking out the name brands of Oak Lawn,” said Trustee Robert Streit, who has been a vocal opponent of the redevelopment plan. “I find that very disturbing.”
The bond sale, which will offset the cost of development, will not affect property taxes, Faber said. The money to repay the debt will come from revenue generated by the increased value of the newly developed property, he said.
