FROM: Ty Livingston, Director of Planning & Community Development DATE: August 29, 2022 SUBJECT: Riverfront Apartment Development Agreement Update BACKGROUND: In August of 2020, the City signed a development agreement with the Teekona Group for a 142...Apartment Development Agreement • September 1st, 2022
The project remains largely unchanged from the original proposal other than the minimum to be expended will not be less than $14M (instead of $13M). Other updates to the agreement include an extended timeline out to October 2024 - since construction won’t commence until Spring 2023 – and a provision to ensure incentive catch-up payments, which is consistent with other development agreements the City is already a party to – like the one for the Holiday Inn & Suites.
ContractApartment Development Agreement • January 12th, 2023 • Illinois
TO: The Honorable Mayor and City Council FROM: Ty Livingston, Director of Planning & Community Development DATE: January 12, 2023 SUBJECT: Riverfront Apartment Development Agreement Update
