Tinley Park officials Tuesday night voted 5-1 to approve financial credits to a major developer in return for land needed for a planned convention center.
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The agreement with Donald Hartz of Hartz Construction finalizes negotiations over an extra 7 acres the village sought when it decided to expand the size of the center, for which groundbreaking is expected this fall at Interstate Highway 80 and Harlem Avenue.
“When we don’t collect the money, we have to defray the cost some other way,” said Trustee Ken Fulton, who voted against the credits. “Guess who’s going to do this: the taxpayers of this village.”
About $550,000 in financial credits will be provided to Hartz, who is building a residential subdivision next to the facility and who had donated 10 acres for the project.
Although Tinley Park had appropriated $544,000 for the extra 7 acres, the land was appraised at $1.1 million. To make up for the difference, the village will allow Hartz to use tax-exempt special assessment bonds for his development.