Subsidy Recommended For Western Springs Developer
WESTERN SPRINGS, IL – A developer is almost done with a condo complex in downtown Western Springs, but he is still seeking a village subsidy.
On Wednesday, the Village Board’s Finance Committee recommended a subsidy of $829,769, which is far less than the developer’s original $1.5 million request.
The Village Board is expected to discuss the issue at its meeting Monday and then take a vote two weeks later.
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The four-story building is set to include 10 condos, with the first floor containing businesses. Construction, which started in 2022, was supposed to have been completed in December. Complete occupancy is expected by summer.
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Last July, the village’s Economic Development Commission decided that $971,000 of the costs for the downtown complex were eligible for a subsidy. The recommended $829,796 is a 15 percent reduction.
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The project, called The Hill, was expected to cost $8 million. Western Springs resident Felix Lampariello, owner of Hinsdale-based KLM Development, is the developer.
In a November 2022 email to local officials, Lampariello said he had been repeatedly assured that he would get TIF help from the village.
The subsidy would come from the village’s downtown tax increment financing district, or TIF. The idea behind such a district is that the money spurs development, which will bring more taxes to local government bodies in the long run.
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