A study presented to St. Charles alderman Monday night shows the area for a proposed housing development can qualify for help from the city to pay project costs.
The report concluded that the project could be identified as a tax-increment financing district, which would help generate funds to pay for site improvements, the Daily Herald reports. The district would encompass the former Applied Composites land.
As the 142-unit project develops and increases in property value, Lexington Club's developers would be reimbursed for incurred expenses—up to $4.9 million for the life of the TIF and specifically for demolition and site remediation.
Several residents took the opportunity to critique the project during a public hearing before the report presentation.
One resident, Jason Warden of Cedar Street, told the the disrepair could merely be maintenance issues and existing structures could be brought up to code, according to the Kane County Chronicle.
Blogger , who lives in the neighborhood adjacent to the project, also spoke about his concerns to the alderman and has written about the project on St. Charles Patch.
In one of his recent posts, Amundson delves into the areas he thinks a TIF district for the Allied Composites site might go wrong.
As a rebuttal, blogger and St. Charles Plan Commission members offered his defense of the Lexington Club project.