reaches tentative financial support deal for Riverwalk
By Katherine Michalets - Freeman Staff
May 16, 2015
- The village has reached a tentative financial assistance
agreement with developer Joe McCormick for his proposed
Riverwalk apartments in the downtown area.
According to a memo from Village Administrator David Cox,
McCormick initially requested $1.935 million in cash
support, plus the no-cost transfer of two village-owned
parcels to assist in redeveloping the land along the Bark
River. He later clarified that he wanted interest of 5
percent on any amount of support that was paid over time
via a municipal revenue obligation or similar tool.
The tentative agreement reached between village staff and
week includes total support of $1.75 million and
approximately $500,000 would be paid by the village
immediately upon the completion of certain aspects of the
project, including building demolition, village utility
construction and other work, according to the memo.
The $1.2 million balance of the support would be paid over
time at no interest and 90 percent of the annual taxes on
the increment would be committed to the developer for
payment of the support. The 10 percent balance of the
annual increment taxes would be retained by the village
The anticipated value of the East Capitol Drive
development is between $8million
and $8.5 million, with a predicted incremental value of $7
million, according to the memo. It would contain three
buildings — two that would be all apartment units and a
third with retail on the first floor and residential
A joint Village Board and Plan Commission meeting will be
held following the Joint Architectural Board/Plan
Commission meeting at 7 p.m. Monday to discuss the
proposed financing. The meeting will be held in the
Municipal Building Board Room, 210 Cottonwood Ave.
A public hearing on the request may be held 7 p.m. June 4.