Pecak Vetoes $10.5M TIF Plan To Redevelop Shopping Center: Report

Lisle IL

08 February, 2022

7:21 PM

Description

LISLE, IL — A $10.5 million tax increment financing (TIF) plan that was approved by Lisle trustees on Jan. 31 was vetoed by Mayor Christopher Pecak Monday, according to Daily Herald. The plan proposed making funds available to Flaherty and Collins Properties to redevelop Family Square Plaza into a multistory apartment complex and retail property. Pecak was not present at the special Jan. 31 meeting, during which the plan for the long-vacant property at Ogden and Main was approved by a 4-2 vote. In a news release, Pecak said, "I have a fiduciary responsibility to the taxpayers and residents of the Village of Lisle to veto a hasty $10.5 million incentive agreement." Family Square Plaza falls in the village's downtown TIF district, which was founded in 2015 may close if a project to redevelop is not approved by March 2, Daily Herald reports. More via Daily Herald