Although some unresolved details remain, plans to build a hotel and convention center in conjunction with commercial and residential developments keep rolling along.
Plan commissioners last week voted to recommend that the Village Board grant preliminary approval to the 90-acre proposal, which would be in a tax increment financing district south of 183rd Street, between Oak Park and Harlem Avenues.
A tax increment financing district freezes the assessed value of the property at values that existed when the TIF was created. Improvements increase the assessed value and thus the property taxes, but those increased revenues are used to pay for infrastructure and other improvements.
Assistant Village Manager Craig Hullinger said staff members and the developers are working out details of stormwater retention, because the land is in a flood plain. However, Hullinger said, an engineering review indicates that would not hinder development.
Access from 183rd Street and the number of parking spaces required also needs to be determined, Hullinger said.
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Chairman Ron Bruning said developers had satisfied his concerns that there be enough of a buffer between the town homes and convention center, while Commissioner Bob McClellan asked that possible traffic conflicts with the nearby World Music Theatre be considered.
Development consultant Rolf Campbell said the residential portion of the site would consist of 300 town homes in three styles, while the hotel would have an initial 206 rooms with the potential for 300.