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A condominium project planned for the corner of 22nd Avenue and 91st Street will be delayed until the area housing market can once again support a reasonable rate of sales. Documents for the Springbrook Place Condominiums were approved in December of 2007. A developer purchased the property and then demolished existing structures, which were in disrepair, and removed soils that had been contaminated decades earlier by a former occupant.
A Tax Increment District (TID) was established in order to assist the developer with financing the remediation of the contaminated soils. Property taxes collected from the redeveloped property will be used to pay down the debt incurred to complete the project. The developer has requested that the TID be allowed to remain in place during the delay and is not currently seeking to extend the term of repayment for the TID. The Village Board granted the developerís request for the TID to remain in place, and the developer is taking the necessary steps to comply with the conditions of the approval. The developer will stabilize and maintain the property until construction can begin.