What's Happening?
The Flossmoor Board of Trustees has approved a revised plan for a 12-unit townhome development on Flossmoor Road, a project that has been under consideration since December 2024. The development, proposed by BG Park Centre LLC, has undergone several changes,
including the removal of a café and the relocation of stormwater detention underground. The project is part of a tax-increment financing district, which allows for the use of incremental tax revenue to fund development costs. The board's approval includes amendments to the redevelopment agreement, increasing the reimbursement rate for project costs to expedite the process.
Why It's Important?
The approval of the townhome development is a significant step in addressing housing needs in Flossmoor. By utilizing tax-increment financing, the project can proceed with financial support, making it viable in a challenging real estate market. This development is expected to enhance the local housing market by providing new, modern living options close to downtown Flossmoor. It also reflects the village's commitment to revitalizing vacant properties and supporting local developers. The project could serve as a model for other communities looking to balance development with financial incentives.
