Title/Name/Summary
Dick's Sporting Goods House of Sports - Term Sheet Approval
History
In March of 2025, the Village Board passed a Tax Increment Financing (TIF) district reimbursement resolution for the proposed Dick's House of Sports at the former Sears location. The resolution allows the Village to investigate establishing a TIF district to support the project and reimburse themselves and the developer for eligible expenses if a TIF district is created. The purpose of the resolution is to induce the redevelopment as it appears this could not occur without the adoption of TIF plan. The Village has been working with representatives from Dick's Sporting Goods to negotiate major deal terms to help facilitate the redevelopment of 2 Orland Square Drive (former Sears). The term sheet is a non-binding document that will serve as the basis for eventual redevelopment agreement.
A summary of the term sheet is provided below.
Project
Dick's Sporting Goods (DSG) intends to redevelop a portion of the Sears parcel with a Dick's House of Sport, consisting of approximately 90,495 square feet of retail and 28,566 square feet of non-sales uses. The non-sales uses will include some or all of the following: climbing wall, indoor batting cage, golf simulator, yoga classes, juice bar, running track, and an outdoor athletic field. The remaining lower level of the former Sears store will at some point be partially or fully occupied by a to-be-determined retail tenant.
Redevelopment Agreement
The Term Sheet provide a framework for the incentives that will be provided by the Village for the proposed redevelopment. The details of the terms will be further defined in a redevelopment agreement. Both the Village and DSG agree to use good faith efforts to negotiate and execute the redevelopment agreement on or before September 15, 2025.
Payment
The initial payment from the Village to DSG will be prior or simultaneous with the closing on the purchase of the Sears parcel from the cur...
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