|YOUR COMMUNITY CONNECTION
Condominium TIF project gets green light
by village officials
Maywood village officials approve a $600K redevelopment project to
revitalize 5th Avenue.
By ANDREA BACON
MAYWOOD | Maywood residents can soon look forward to more construction along
S. 5th Avenue. Last week the Board of Trustees held an open meeting regarding a
redevelopment proposal for condominiums on two different sites. The developer of
both sites, IMARK Development, L.L.C., will be receiving $600,000 in TIF funds to
rebuild the existing buildings at 901-905 S. 5th Ave. and 410-42 School Street.
Part of Maywood’s Tax Increment Financing Redevelopment Project, these most
recent projects have been a part of the Village’s plans since 1997. IMARK submitted
an application for TIF funds in May.
LEED by example
Lillie Plaza is the newest residential development in Maywood. The plaza, which will
consist of 901-903 S. 5th Ave. properties will be anchored by the Maywood TIF
consist of 901-903 S. 5th Ave. properties will be anchored by the Maywood Market—
currently in construction—and be LEED (Leadership in Energy and Environmental)
certified. The voluntary rating system promoting design and construction of high
performance green homes will be a first for the Village. The result of which could
result in possible economic growth for the village and greener living for its residents.
In-house amenities for each of the condominiums to be built there include an in-unit
washer/dryer, common recreation areas, and landscape areas. Other improvements
to the building include Passive Solar Water Pre-Treatment, Low flow shower heads,
and increased circulation.
Pricing of the condominiums, according to the agreement between the Village and
IMARK will meet current HUD standards for the “HOME” Program for “low income
housing” established in March of this year. The HOME program provides formula
grants to states and localities that communities use often in partnership with a wide
range of activities that build, buy, and/or rehabilitate affordable housing for rent or
Participating jurisdictions (local and state governments) are required to match 25
cents of every dollar in program funds that mobilize community resources in support of
affordable housing. Rental housing and assistance under the HOME programs
require at least 90 percent of benefiting families to have incomes that are no more
than 60 percent of the HUD-adjusted family income for the area. In Illinois, that
number is 58, 262 in metropolitan areas and 43, 476 in non-metropolitan areas.
What is envisioned for the new development, however, seems almost unreachable to
residents who say they can not see past the ongoing construction of roads and
neighborhood projects. When asked about these concerns via email, the board of
Trustees did not respond. Phone calls and emails were also made to contacts at
IMARK, the Mayor’s office and Village Manager. None were returned.