Title/Name/Summary
Former Andrew Property Redevelopment Agreement - 10500 153rd Street
History
This item proposes a redevelopment agreement (RDA) for the former Andrew Corporation property. The redevelopment contemplates non-age restricted single-family home development on the 75-acre site. The Andrew Corporation operated a manufacturing facility on the site for 60 years. The site has been abandoned for approximately 20 years. The site has been difficult to develop because of the environmental issues resulting from chemical contamination associated with the Andrew manufacturing processes.
The site will consist of public improvements which are built to Village standards with a pond in the current wetland area of the site. When completed, the project will consist of 143 single-family homes.
The RDA calls for the Village to create a TIF District for the purpose of providing funds for remediating the existing contamination. The Village will raise the $10,000,000 cost of remediation through the issuance of a TIF bond in that amount. The bond will be paid off through the TIF revenues that will be produced as the project is built and eventually completed.
During the Village-sponsored remediation process and as security on the Village’s investment, the Village will hold a mortgage on the entire 75-acre site. The property will be appraised by an independent third-party appraiser. If the unencumbered, but remediated property is valued by the appraiser at less than the $10,000,000 Village investment in the remediation, the Developer will make a cash escrow deposit to make up the difference.
The site is currently owned by Michael Musa. Mr. Musa will be conducting the remediation of the site and his work will be monitored by a Village-retained environmental remediation firm. When the remediation process is complete and a Remediation Action Plan has been filed with the appropriate agencies, the site is to be purchased by M/I Homes, a very reputable national home bui...
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